Question

sharry made a desposit of $860 to open a savings account that pays intrest at an annual rate of 8% compound quarterly. If she keeps her original desposit in the savings account and is paid intrest of four quarters, she will earn intrest in the first year of __________. Her desposit will earn an effective rate of intrest of _______________, to the nearest hundredth percent.

I think for this theres a formula look in your book.

something about rate x percentage = what your looking for. but it should be in your book

6880