Find the interest rate needed for an investment of $10,000 to grow to an amount of $11,000 in 4 years if interest is compounded quarterly. (round your answer to the nearest hundredth of a percent.) %

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

substitute in the formula above  

Elevated both sides to (1/16)

Convert to percent

it would take 7/10 of an hour too fill the pool.

step-by-step explanation: