Given the equation A=250(1.1)t, you can determine that the interest is compounded annually and the interest rate is 10%. Suppose the interest rate were to change to being compounded quarterly. Rewrite the equation to find the new interest rate that would keep A and P the same.
What is the approximate new interest rate?
Convert your answer to a percentage, round it to the nearest tenth, and enter it in the space provided, like this: 42.53%
4 answers
A = 250(1 + 0.1/4)^(4t)
Can someone tell me the answer already. Why give the equation but not the answer.
i agree anon
The answer to this problem is 9.6
1 answer