Chris Lynch plans to invest $200 into a money market account. Find the interest rate that is needed for the money to grow to $1,800 in 12 years if the interest is compounded quarterly. The rate is %. (Round to the nearest percent.)

Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter2: Equations, Inequalities, And Problem Solving
Section2.S: Summary
Problem 8S: What interest rate would you need to get to double an investment of 200 in eight years?
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Chris Lynch plans to invest $200 into a money market account. Find the interest rate that is needed for the
money to grow to $1,800 in 12 years if the interest is compounded
quarterly.
The rate is %. (Round to the nearest percent.)
Transcribed Image Text:Chris Lynch plans to invest $200 into a money market account. Find the interest rate that is needed for the money to grow to $1,800 in 12 years if the interest is compounded quarterly. The rate is %. (Round to the nearest percent.)
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