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5 September, 16:18

You deposit $7,500 into an account. After 10 years, the account is worth $44,187.02. If the interest compounds quarterly, calculate the annual interest rate.

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  1. 5 September, 16:20
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    The quarterly interest rate is

    ... (44187.02/7500) ^ (1/40) - 1 = 0.0453358

    so the annual rate is 4 times that amount, about 18.13%
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