Find the required annual interest rate to the nearest tenth of a percent for $1200 to grow to $1600 if interest is compounded quarterly for 6 yr. ---.. The required annual interest rate is %. (Round to the nearest tenth as needed.)

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Find the required annual interest rate to the nearest tenth of a percent for $1200 to grow to $1600 if interest is compounded quarterly for 6 yr.
---..
The required annual interest rate is %. (Round to the nearest tenth as needed.)
Transcribed Image Text:Find the required annual interest rate to the nearest tenth of a percent for $1200 to grow to $1600 if interest is compounded quarterly for 6 yr. ---.. The required annual interest rate is %. (Round to the nearest tenth as needed.)
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