Question
Asked Oct 31, 2019
Find the interest rate for each deposit and compound amount.
6) $8000 accumulating to $12,384.48, compounded quarterly for 8 years.
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Find the interest rate for each deposit and compound amount. 6) $8000 accumulating to $12,384.48, compounded quarterly for 8 years.

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Expert Answer

Step 1

Recall the following fact.

NT
Amount, A P1+
T
where P is the principal amount
N is the number of years
R is the rate of interest
T is the number of terms per year
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NT Amount, A P1+ T where P is the principal amount N is the number of years R is the rate of interest T is the number of terms per year

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Step 2

Obtain the compound inte...

4 and N = 8 years
Given that A
$12384.48, T
NT
R
A P1
T
8x4
R
12384.48 8000 1
4
12384.48
R
1+.
4
8000
32
1.54806=1+
4
_
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4 and N = 8 years Given that A $12384.48, T NT R A P1 T 8x4 R 12384.48 8000 1 4 12384.48 R 1+. 4 8000 32 1.54806=1+ 4 _

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Advanced Math