Find the required annual interest rate to the nearest tenth of a percent for $1,400 to grow to $1,800 if interest is compounded quarterly for 9 yr.

Step-by-step explanation:

For this problem, you should use the equation . For this problem, A=1800, P=1400, n=4, r=x, t=9.

A = Final Amount

P = Principal (Original Amount)

n = Number of times it is compounded in a year. (Quarterly = 4)

r = Interest Rate (In the equation, you must convert your final answer to percent form)

t = Amount of years

the interest rate  required is  r = 2.8 % compounded quarterly.

Step-by-step explanation:

principle (P) = $1,400

Grow to (A)  = $1,800

compounded quarterly hence time = 9 year

                                                           = 9 × 4 = 36

rate will be equal to r/4

now,

r = 2.8 %

hence, the interest rate  required is  r = 2.8 % compounded quarterly.

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step-by-step explanation:

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