QUESTION 1

Find the interest rate required for an investment of $6000 to grow to $8500 in 10 years if interest is compounded as follows. a. Annually b. Quarterly a. Write an equation which relates the investment of $6000, the desired value of $8500, and the time period of 10 years in terms of r, the yearly interest rate (written as a decimal), and m, the number of compounding periods per year. The required annual interest rate if interest is compounded annually is %. (Round to two decimal places as needed.) b. The required annual interest rate if interest is compounded quarteriy is D%. (Round to two decimal places as needed.)