Tommaso and Pietro have each been given 3,818 euro to save for college.
Tommaso wants to invest his money in an account such that his investment
will increase to 1.6 times the initial amount in 6 years. Assume the account
pays a nominal annual interest of r % compounded quarterly.
Determine the value of r. Give your answer as a percentage number, not as
a decimal equivalent. Round to two decimal places.

Question

06-11-2022
Mathematics

Answered

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Tommaso and Pietro have each been given 3,818 euro to save for college.
Tommaso wants to invest his money in an account such that his investment
will increase to 1.6 times the initial amount in 6 years. Assume the account
pays a nominal annual interest of r % compounded quarterly.
Determine the value of r. Give your answer as a percentage number, not as
a decimal equivalent. Round to two decimal places.

Sagot :

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