ou invested $7,000 in a savings deposit 6 quarters ago and it has grown to $7887...
ou invested $7,000 in a savings deposit 6 quarters ago and it has grown to $7887 today. What nominal rate of annual interest (compounding quarterly) did you earn?
Homework Answers
Interest is compounded quarterly.
Let quarterly interest rate be x
Then, 7,000(1+x)6 = 7,887
(1+x)6 = 1.1267
(1+x) = (1.1267)1/6
1+x = 1.020083
X = 0.020083
Annual Interest = 0.020083*4 = 8.03% (approx)
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