Help and with work?

Question

12 years ago you invest $500 in a CD. Your account says that it will compund quarterly for 15 years. If your statement says that the account now has $1,037 after 12 years, what is the interest rate for the account? and how much money will be in the account at the end of the 15 years?

Answer 1

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Answer 2

I think it is something like 1.5274% (quarterly). Which makes you $1241.524 at the end of the 15 years.

P.S that's a 6.25% annulized

Answer 3

....+2

Answer 4

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