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

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Suitable Grade Level

Grades 10-12