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Chris Lynch plans to invest $400 into a money market account. Find the interest rate that is needed for the money to grow to $1,500 in 16 years if the interest is compounded quarterly. The rate is%. (Round to the nearest percent.)

Chris Lynch plans to invest $400 into a money market account. Find the interest rate that is needed for the money to grow to $1,500 in 16 years if the interest is compounded quarterly. The rate is%. (Round to the nearest percent.)

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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S K Chris Lynch plans to invest $400 into a money market account. Find the interest rate that is needed for the money to grow to $1,500 in 16 years if the interest is compounded quarterly. The rate is %. (Round to the nearest percent.) View an example Get more help. % 5 G Search or type URL T G 6 Y MacBook Pro H & 7 U J ☆ * 00 8 I K ( 9 Clear all < zoom ) O Check answer ОР L il systems ma iprove. u to calculate the fo { estm. roxima + 11 [ 18
Transcribed Image Text:S K Chris Lynch plans to invest $400 into a money market account. Find the interest rate that is needed for the money to grow to $1,500 in 16 years if the interest is compounded quarterly. The rate is %. (Round to the nearest percent.) View an example Get more help. % 5 G Search or type URL T G 6 Y MacBook Pro H & 7 U J ☆ * 00 8 I K ( 9 Clear all < zoom ) O Check answer ОР L il systems ma iprove. u to calculate the fo { estm. roxima + 11 [ 18
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Step 1

initial amount=$400final amount=$1500time=16 years fprmula for compound quaterly is P=P0(1+r4)4t

 

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