Jeffrey deposited $25,000 into a savings account that compounds interest quarterly. After 5 years, the amount in his account is $29,906.34. What is Jeffrey's annual interest rate on the account? a r≈3.2% b r≈4.1% c r≈3.8% d r≈3.6%

Algebra and Trigonometry (6th Edition)
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ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Jeffrey deposited $25,000 into a savings account that compounds interest quarterly. After 5 years, the amount in his account is $29,906.34. What is Jeffrey's annual interest rate on the account?
a
r≈3.2%
b
r≈4.1%
c
r≈3.8%
d
r≈3.6%
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Given query is to find the interest rate.

Diposit amount $25000 

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