You have $700 to invest in an account and need to have $950 in one year. What interest rate would you need to have in order to reach this goal if the amount is compounded quarterly? Round your answer to the nearest percent.

Please Help.

Here's the simple interest formula: Interest = P x R x N. P = Principal amount (the beginning balance). R = Interest rate (usually per year, expressed as a decimal).

(950-700)/700

1650+ years

Solve r = n(A/P)^1/nt - n

Simple interest is interest calculated on the predominant portion of a mortgage or the authentic contribution to a savings account. Simple interest does now not compound, which means that an account holder will only advantage interest on the fundamental, and a borrower will in no way ought to pay interest on interest already amassed.

Learn more about Simple interest here: https://brainly.com/question/25793394

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You have $700 to invest in an account and need to have $950 in one year. What interest rate would you need to have in order to reach this goal if the amount is compounded quarterly? Round your answer to the nearest percent. Please Help.

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How to find the interest rate?

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You have $700 to invest in an account and need to have $950 in one year. What interest rate would you need to have in order to reach this goal if the amount is compounded quarterly? Round your answer to the nearest percent.

Please Help.