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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asked Feb 3, 2022 36.3k views

12 votes

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?

Mathematics
high-school

Lucas Lazaro asked

by Lucas Lazaro

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2 votes

Answer: r ≈ 1.50%

Explanation:

Edward Chiang answered Feb 10, 2022

by Edward Chiang

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