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An initial deposit of $13,700 was made into an account that compounds interest quarterly. No other deposits were made. At the end of 12 years, the balance in the account had doubled. Find the interest
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An initial deposit of $13,700 was made into an account that compounds interest quarterly. No other deposits were made. At the end of 12 years, the balance in the account had doubled. Find the interest rate on this account.

User Lenzman
by
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1 Answer

4 votes

Answer:

5.818 %

Explanation:

Where: r = n[(A/P)1/nt - 1)

User Nathan Smith
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4.6k points
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