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Justin is going to invest $31,000 and leave it in an account for 7 years. Assuming the interest is compounded quarterly, what interest rate, to the nearest tenth of a percent, w…

Justin is going to invest $31,000 and leave it in an account for 7 years. Assuming the interest is compounded quarterly, what interest rate, to the nearest tenth of a percent, w…
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12 votes
Justin is going to invest $31,000 and leave it in an account for 7 years.

Assuming the interest is compounded quarterly, what interest rate, to the
nearest tenth of a percent, would be required in order for Justin to end up
with $45,000?

asked
User JianYA
by
9.0k points

1 Answer

8 votes

Answer:

5.4 percent

Explanation:

answered
User Shivakumar
by
7.8k points
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