Thursday

March 5, 2015

March 5, 2015

Posted by **candela** on Thursday, February 9, 2012 at 10:51pm.

use

a=p(1+r/n)^nt

- precalculus -
**Reiny**, Thursday, February 9, 2012 at 11:23pmlet the quarterly rate be i

1000(1 + i)^16 = 2000

(1+i)^16 = 2

take the 16th root of both sides

1+i = 2^(1/16)

1+i = 1.04427

i = .04427

the quarterly rate is 4.427 %

the annual rate compounded quarterly is 17.7%

(time to have that mathbook updated.

a 17% interest rate is a fantasy these days)

**Answer this Question**

**Related Questions**

consumer math - Jim opened an account with $400. The account pays three percent...

algebra 2 - $9000 is invested at 8% compounded quarterly. In how many years will...

algebra II - $9000 is invested at 8% compounded quarterly. In how many years ...

Math (MS112) - What rate of interest, to the nearest tenth of a percent, ...

Accounting - How do I calculate the future value of the following? $5,000 ...

math - Shannon invests $3,000, at 8% interest, compounded quarterly for one year...

FINANCE - You deposit $2,000 in an account that pays 8% interest compounded ...

Math - Find total amount in the compound intrest account. $2000 is compounded ...

Math - If a community clinic invested $3,000 in excess cash today, what would be...

Finances and Math - Can someone please help me solve these problems or help me ...