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

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