Timothy Chau needs to compute the rate of interest compounded monthly at which $620 paid at the end of every three months f nine years accumulates to $30,800. Provide an answer correct to 3 decimal places. Do not include the percent sign, %, in your answer. Interest rate- Do not include the dollar sign, $, in your answers. Contribution = Amount of interest=
Timothy Chau needs to compute the rate of interest compounded monthly at which $620 paid at the end of every three months f nine years accumulates to $30,800. Provide an answer correct to 3 decimal places. Do not include the percent sign, %, in your answer. Interest rate- Do not include the dollar sign, $, in your answers. Contribution = Amount of interest=
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter29: Interest, Rent, And Profit
Section: Chapter Questions
Problem 1WNG
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Hh.46.
![Timothy Chau needs to compute the rate of interest compounded monthly at which $620 paid at the end of every three months for
nine years accumulates to $30,800.
Provide an answer correct to 3 decimal places.
Do not include the percent sign, %, in your answer.
Interest rate=
Do not include the dollar sign, $, in your answers.
Contribution=
Amount of Interest](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F017a79a2-e9cc-4282-96bc-91c5b4221e03%2Ff8241b6e-32a9-44b3-832c-2d3653814d59%2Fr7wij2w_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Timothy Chau needs to compute the rate of interest compounded monthly at which $620 paid at the end of every three months for
nine years accumulates to $30,800.
Provide an answer correct to 3 decimal places.
Do not include the percent sign, %, in your answer.
Interest rate=
Do not include the dollar sign, $, in your answers.
Contribution=
Amount of Interest
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