Question

Compound i street at what was an investment made that obtains $136. 85 in interest compounded quarterly on $320 over four years

Answer 1

Wait just ignore this.

Explanation:

CI = p(r/100 + 1)^t - p

136.85 = 320(r/100 +1)^4 - 320

320(r/100 + 1)^4 = 456.85

(r/100 + 1)^4 = 456.85/320 = 1.42765625

(r/100+1) = 4th root of 1.42765625 = 1. 093089979

R/100 = 0.93089979

R = 93.0 %