If $5700 is invested in a savings account for which interest is compounded quarterly, and if the $5700 turns into $6600 in 4 years, what is the interest rate of the savings account?

Rate of interest = 3.68%

Step-by-step explanation:

If $5700 is invested in a savings account for which interest is compounded quarterly.

$5700 turns into $6600 in 4 years

Compound interest formula will be

Here A = Future amount

P = principal amount

r = rate of interest

n = number of times money is compounded

t = time

Now we put the values given in the question

By taking log on both the sides of the equation

1.8195-1.7558=16log(1+

0.0637 =

.00398=

r = 4×0.0092 = 0.0368

Or r = 0.0368×100 = 3.68%

saving = more money

step-by-step explanation:

if you have 100 bucks, and you want to buy a candy bar, even if you have one at home, if you choose not to buy it, you save.

~courtney

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step-by-step explanation: