Compound interest problem?

Claudio is searching for a bank so that in two years time, he will have $4000 from his $3000 investment.

What rate, per annum, would a bank need to offer Claudio, if the interest is compounded quarterly?

i tried to plug this in to the compund interest formula, of course, considering the %26quot;compunded quarterly%26quot;. I ended up having to use log, but my answer does not check out. Does anyone have any suggestions about how I can approach this problem?

Compound interest problem?title loans

4000=3000*(1+i/4)^8

4/3=(1+i/4)^8

1+i/4=(4/3)^(1/8)=1.0366

i/4=.0366

i=.1465=14.65%

if you can find such an account, please share that info with the rest of us! :)

Compound interest problem?

loan

4000=3000(1+i/4)^8

4/3=(1+i/4)^8

1+i/4=(4/3)^(1/8)=1.0366

i/4=0.0366

i=0.1465

which is the same as 14.65%