Answer
$6.3\%$
Work Step by Step
In the formula for compound interest with
let $P=\$500$
$t=14$
$m=4$
$A=\$1200$
we have $A=P(1+\frac{r}{m})^{tm}$
$1200=500(1+\frac{r}{4})^{14(4)}$
$(1+\frac{r}{4})^{56}=\frac{12}{5}$
$r\approx0.063\approx6.3\%$
Calculus with Applications (10th Edition)
by Lial, Margaret L.; Greenwell, Raymond N.; Ritchey, Nathan P.
Published by
Pearson
ISBN 10:
0321749006
ISBN 13:
978-0-32174-900-0
Chapter 2 - Nonlinear Functions - 2.4 Exponential Functions - 2.4 Exercises - Page 87: 43
Update this answer!
You can help us out by revising, improving and updating this answer.
Update this answerAfter you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.
