Answer:
R = 5% per year
Step-by-step explanation:
Solving for rate r as a decimal
r = n[(A/P)^1/nt - 1]
r = 4 × [(4,835.71/3,092.00)^1/(4)(9) - 1]
r = 0.05
Then convert r to R as a percentage
R = r * 100
R = 0.05 * 100
R = 5%/year
Summary:
The interest rate required to get a total amount of $4,835.71 from compound interest on a principal of $3,092.00 compounded 4 times per year over 9 years is 5% per year.
