Pranav invests 1,187 in a savings accountwith a fixed annual interest rate compounded 4 times per year. After 12 years, the balance reaches 3,453.74. What is the interest rate of the account?
+37157 3453.74 = 1187 ( 1 + r/4)12*4 solve for r
2.90964 = (1+r/4)48
log (2.90964) = 48 log (1+r/4)
log (2.90964) / 48 = log (1+r/4)
1.0225 = 1 + r/4
r/4 = .0225 r = 9% annual
