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)
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ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter29: Interest, Rent, And Profit
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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
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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