Question

NEED HELP!!!!

The value of an investment can be predicted using the function It=P1.078t where P is the initial amount invested and t is the number of years the money has been invested. What is the annual interest rate?
A.To the nearest tenth of a percent,
B.what is the quarterly interest rate?

Answer 1

The equation says
A=p(1+0.078)^t
So
Interest rate 0.078×100=7.8%
Quarterly interest rate 7.8%/4=1.95%