Answer:
Step-by-step explanation:
The formula to use for this is
For us,
A(t) = 4300
P = 3800
n = 4
t = 2
r = ?
Let's fill in what we have then:
which simplifies a tiny bit to
The first thing to do is to divide both sides by 3800 to get
Now take the 8th root of both sides (on your calculator, of course!) to get
Now subtract 1 from both sides to get
And multiply both sides by 4 to get
.0622869598 = r
Multiply by 100 to get the rate as a percentage. It rounds to
r = 6.23%