Answer:
r = n[(A/P)1/nt - 1]
r = 4 × [(100,000.00/40,000.00)1/(4)(10) - 1]
r = 0.0926868
Then convert r to R a percentage
R = r * 100
R = 0.0926868 * 100
R = 9.269%/year
Summary:
The interest rate required to get
a total amount of 100,000.00 from
compound interest on a principal of 40,000.00
compounded 4 times per year
over 10 years
is 9.269% or 9.27% per year.
Step-by-step explanation:
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