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Sally invested $1,200 in an account where interest compounded quarterly. After two years, she had $1,351.79 in her account. What was her interest rate?
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1 vote
Sally invested $1,200 in an account where interest compounded quarterly. After two years, she had $1,351.79 in her account. What was her interest rate?

User Jim Fell
by
3.2k points

1 Answer

5 votes

use the formula


A=P(1+(r)/(t))^(n\cdot t)

clear the formula for the rate


A=P(1+(r)/(t))^(n\cdot t)

.

User Talgat Saribayev
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