Answer:
10.381%
Step-by-step explanation:
Formula for compound interest:
A = P(1 + r/n)^(nt)
A = future value
P = principal (amount invested)
r = annual interest rate
n = number of compounding periods per year
t = number of years
Start with P = $1, r = 10% = 0.1, and n = 4.
A = 1(1 + 0.1/4)^(4 × 1)
A = 1.10381289
If you had invested $1 for 1 year, you'd end up with $1.10381289.
($1.10381289 - $1) / $1 × 100% = 10.381%
Answer: 10.381%
