Nicholas hopes to earn $600 in interest in 3.3 years time from $24,000 that he has available to invest. To decide if it's feasible to do this by investing in an account that compounds quarterly, he needs to determine the annual interest rate such an account would have to offer for him to meet his goal. What would the annual rate of interest have to be? Round to two decimal places. Interest formulas
Nicholas hopes to earn $600 in interest in 3.3 years time from $24,000 that he has available to invest. To decide if it's feasible to do this by investing in an account that compounds quarterly, he needs to determine the annual interest rate such an account would have to offer for him to meet his goal. What would the annual rate of interest have to be? Round to two decimal places. Interest formulas
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section7.7: Simple And Compound Interest
Problem 23E
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![Nicholas hopes to earn $600 in interest in 3.3 years time from $24,000 that he has available to invest. To decide if it's feasible to do this
by investing in an account that compounds quarterly, he needs to determine the annual interest rate such an account would have to offer
for him to meet his goal. What would the annual rate of interest have to be? Round to two decimal places.
Interest formulas](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F41b43671-269d-431c-b7ca-9c53c6796ba8%2F9b02a8ac-76c0-49a6-ab0d-77d50fa2f46b%2F175q0ioj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Nicholas hopes to earn $600 in interest in 3.3 years time from $24,000 that he has available to invest. To decide if it's feasible to do this
by investing in an account that compounds quarterly, he needs to determine the annual interest rate such an account would have to offer
for him to meet his goal. What would the annual rate of interest have to be? Round to two decimal places.
Interest formulas
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