find the interest rat needed for an investment of 10000 to g

find the interest rat needed for an investment of $10000 to grow to an amount of $12000 in 3 years if interest is compounded quarterly.

A = P ( 1 + r/n ) ^nt

12000=10000 ( 1+ r/4 )⁴⁽³⁾

12000 =10000 ( 1+r/4) ¹²

1.2 = (1+r/4)¹²

r=8

find the interest rat needed for an investment of $10000 to grow to an amount of $12000 in 3 years if interest is compounded quarterly.SolutionA = P ( 1 + r/n )

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