Math Problem Statement
deposited
$300.00300.00
into a savings account that compounded interest
quarterlyquarterly.
What nominal annual rate compounded
quarterlyquarterly
was earned on the investment if the balance was
$589.20589.20
in
threethree
years?
Question content area bottom
Part 1
The nominal annual rate of interest is
enter your response here%
per annum compounded
quarterlyquarterly.
(Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Formulas
Compound Interest Formula: A = P (1 + r/n)^(nt)
Theorems
-
Suitable Grade Level
Grades 10-12
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