Given the equation a=250(1.1)t, you can determine that the interest is compounded annually and the interest rate is 10%. suppose the interest rate were to change to being compounded quarterly. rewrite the equation to find the new interest rate that would keep a and p the same.
what is the approximate new interest rate?
convert your answer to a percentage, round it to the nearest tenth, and enter it in the space provided, like this: 42.53%

=250(1.025)∧4t

Step-by-step explanation:

Using the compound interest formula we can find the expression for the total amount that accumulates in the given time t.

A=P(1+R/n)ⁿᵇ

where A is the amount, P the principal amount, R the rate as a decimal n is the number of times it is compounded and b the time.

When compounded annually, the expression becomes

A=250(1.1)∧t

When compounded quarterly, we introduce the n in our expression.

A=250(1+0.1/4)∧4t

=250(1.025)∧4t

37

step-by-step explanation:

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