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4 years ago

6

You deposit $7,500 into an account. After 10 years, the account is worth $44,187.02. If the interest compounds quarterly, calcul

ate the annual interest rate.

1 answer:

Degger [83]4 years ago

3 0

The quarterly interest rate is
.. (44187.02/7500)^(1/40) -1 = 0.0453358
so the annual rate is 4 times that amount, about 18.13%

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