# If #3000# dollars invested in a bank account for #8# years, compounded quarterly, amounts to #4571.44# dollars, what is the interest rate paid by the account?

##### 1 Answer

About

#### Explanation:

We'll use the compounding interest formula,

Here,

Plug in the information you have:

So

Divide both sides by

Now, there are a couple of ways to solve this, with either roots or logarithms. Since you're in pre-calculus, I'll assume your teacher wants you to use logs.

Take the

Remember the property of logarithms that says

Bring the

Then divide both sides by

Simplify:

Using the inverse property of logarithms, change the expression to read:

Simplify the left:

Solve for