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November 22, 2014

November 22, 2014

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)

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