Question

John is going to invest $820 and leave it in an account for 19 years. Assuming the interest is compounded quarterly, what interest rate, to the nearest tenth of a percent, would be required in order for John to end up with $1,830?

Answer 1

John would need an interest rate of 7.6% in order to end up with $1,830 after 19 years of investing $820 compounded quarterly