Find the interest rate to the nearest hundredth of a percent that will produce \$3500, if \$2000 is left at interest compounded quarterly for 4.5 yr. Use the formula $A = P(1 + \frac{r}{n})^{nt}$ for compound interest. The interest rate to the nearest hundredth of a percent is %. (Do not round until the final answer. Then round to the nearest hundredth as needed.)
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5 years, and the interest is compounded quarterly. We need to find the interest rate. Show more…
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