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Daniel is going to invest $860 and leave it in an account for 14 years. Assuming the interest is compounded quarterly, what interest rate, to the nearest hundredth of a percent, would be required in order
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Daniel is going to invest $860 and leave it in an account for 14 years. Assuming the

interest is compounded quarterly, what interest rate, to the nearest hundredth of a
percent, would be required in order for Daniel to end up with $1,060?

User Lucas Lazaro
by
7.9k points

1 Answer

2 votes

Answer: r ≈ 1.50%

Explanation:

User Edward Chiang
by
7.7k points
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