Samuel currently has an account balance of $3439.96. He open the account five years ago with the deposit of $3104.31. If the int
erest compounded quarterly what is the interest rate on the account?
2 answers:
Answer:
Step-by-step explanation:
You did leave out a 4 under the r: 1.1063 = (1+r/4)^20
So you'd do both sides to the 1/20 power since 20 • 1/20 = 1
(1.1063) ^ (1/20) = 1 + r/4
Then subtract 1, and multiply by 4
4•[1.1063 ^ (1/20) - 1) = r
Answer:
Step-by-step explanation:
$54.67
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Hope this helps!
