0:00
Okay.
00:01
So we're going to use our principal interest formula.
00:03
So p equals i, 1 plus r over n, n times t.
00:13
So this is our n, quarterly is 4, and i've got everything else labeled.
00:18
So my ending balance, 9 ,383 .66 equals 6 ,000 times 1 plus our interest rate is what we're looking for.
00:32
That's our x over n, which is 4 times 4 times 9.
00:37
So we're going to divide by 6 ,000 and then that gives us 1 .56 equals, parentheses, 1 plus x over 4 times 36.
01:06
Now i need to take the 36 root of both sides.
01:11
I put a 9 there.
01:12
That should be 36 and that's going to cancel that out.
01:16
So 36 root of 1 .56 is 1 .012 equals 1 plus x over 4...