Answer:
9%
Step-by-step explanation:
You are going to want to use a modified compound interest formula, as shown below. This version of the compound interest formula is what you use to solve for the interest rate.
[tex]r = n[(\frac{A}{P})^{1/nt}-1][/tex]
r = interest rate (decimal)
n = numbers of times compounded (annually)
A = total amount
P = principal amount
t = time (years)
Now, lets plug in the values:
[tex]r = 3[(\frac{1,780.74}{1,046})^{1/(3)6}-1][/tex]
[tex]r = .09[/tex]
r = 9% interest rate
