Question

An account with an initial balance of $1250 earns interest that is compounded quarterly. If no other deposits or withdrawals are made, the

account will have a balance of $1406.08 after 9 months. Find the annual interest rate.

Answer 1

If no other deposits or withdrawals are made, the account will have a balance of $1406.08 after 9 months. Find the annual interest rate. Expert Answer.

1 answer

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Top answer:

Given that P=1,250A=1,406.08n=9 month

Explanation: