Question

I need help please and thank you

Answer 1

Answer: 5% interest rate

==============================================

Work Shown:

The given values are

A = 5205.75

P = 3500

n = 4

t = 8

-----

Plug those values in. Isolate r.

A = P*(1+r/n)^(n*t)

5205.75 = 3500*(1+r/4)^(4*8)

5205.75 = 3500*(1+r/4)^(32)

3500*(1+r/4)^(32) = 5205.75

(1+r/4)^(32) = 5205.75/3500

(1+r/4)^(32) = 1.48735714285714

1+r/4 = (1.48735714285714)^(1/32)

1+r/4 = 1.01248355256014

r/4 = 1.01248355256014-1

r/4 = 0.01248355256014

r = 4*0.01248355256014

r = 0.04993421024056

r = 0.0499

Multiply this r value by 100 to convert to a percentage

100*r = 100*0.0499

100*r = 4.99%

Rounding to the nearest tenth, we get 5.0% or just 5%