Finding the nominal intrest rate?

Question

After two years, an initial investment of $2500 has a future value of $3046.01. If the compounding was done quarterly, what was the nominal interest?

~please show you work for this one. thanks :)

Answer 1

3046.01=2500(1+r/4)^8 where r (indecimals) is the nominal yearly rate
3046.01/2500= (1+r/4)^8
so taking log of both sides
0.0858=8log(1+r/4) and log (1+r/4)=0.0107 so
1+r/4=1.025 and r= 0.10 = 10%

Answer 2

Do your own homework