Answer
$2.5\%$
Work Step by Step
Given $P=1200, A=1500, n=4, t=9\ yr$, we have:
$A=P(1+\frac{r}{n})^{nt}\longrightarrow 1500=1200(1+\frac{r}{4})^{4(9)} \longrightarrow r\approx 0.025 $ or $2.5\%$
Precalculus (6th Edition)
by Lial, Margaret L.; Hornsby, John; Schneider, David I.; Daniels, Callie
Published by
Pearson
ISBN 10:
013421742X
ISBN 13:
978-0-13421-742-0
Chapter 4 - Inverse, Exponential, and Logarithmic Functions - 4.2 Exponential Functions - 4.2 Exercises - Page 433: 103
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