Am i doing this right and if so how do i solve from this point? Year 1 = 1000 -> Year 6 = 1725 Interest taken 4 times a year -> 24 times total A=P(1+i)^n 1725=1000(1+i)^24 1.725=(1+i)^24 (so what now? if this is right)
Follow Math Help Forum on Facebook and Google+
actually i solved it from that and got i = 0.022977... does the nominal rate of interest = 0.02 or 2.30 (if i did that right :P)
nvm so i times 0.022977... by 4 to get the quarterly rate = 0.0919 to get a % of 9.19% :P (solved)
View Tag Cloud