Vivian deposited 4,000.00 into a new savings account that earns interest compounded quarterly. After 6 years, the balance in the account was 6,697.00. What was the interest rate on the account?

Solución

Vivian deposited 4, 000.00 into a new savings account that earns interest compounded quarterly. After 6 years, the balance in the account was 6, 697.00. What was the interest rate on the account?

Solución

Rate : 8.68230 \dots %

Pasos de solución

Translate the problem into an equation:

6697 = 4000 (1 + \frac{r}{4})^{4 \cdot 6}

Resolver para

r, 6697 = 4000 (1 + \frac{r}{4})^{4 \cdot 6} : r = 8.68230 \dots %

Rate : 8.68230 \dots %

Ejemplos populares

Translate "the product of a number and 6"What is the volume of a sphere with a radio of 49.5 in, rounded to the nearest tenth of a cubic inch?the quotient of 3 and the cube of a number In an experiment, the population of bacteria is increasing at the rate of 100% every minute. The population is currently at 50 million. How much was the population of bacteria 1 minute ago?Dalvin is going to invest in an account paying an interest rate of 3.1% compounded annually. How much would Dalvin need to invest, to the nearest dollar, for the value of the account to reach 1,620 in 20 years?