paramaryaa
paramaryaa paramaryaa
  • 23-06-2016
  • Mathematics
contestada

Tia is investing $2500 that she would like to grow to $6000 in 10 years. At what annual interest rate, compounded quarterly, must Tia invest her money? Round your answer to two decimal places.

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toporc
toporc toporc
  • 23-06-2016
To find the required interest rate, you need to solve the following equation for r:
[tex]6000=2500(1+ \frac{r}{4} )^{40}[/tex]
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