Tommaso and Pietro have each been given 3,818 euro to save for college.
Tommaso wants to invest his money in an account such that his investment
will increase to 1.6 times the initial amount in 6 years. Assume the account
pays a nominal annual interest of r % compounded quarterly.
Determine the value of r. Give your answer as a percentage number, not as
a decimal equivalent. Round to two decimal places.

Assume the account pays a nominal annual interest of r% compounded quarterly, the value of the interest rate (r) is equal to 7.87%.How to determine the value of r?Mathematically, compound interest can be calculated by using this formula:A(t) = P(1 + r/n)^{nt}Where:A represents the future value.P represents the principal.r represents the interest rate.n represents the number of times compounded.T represents the time measured in years.Substituting the given parameters into the formula, we have;1.6(3,818) = 3,818(1 + r/8)^{8 × 6}1.6 = (1 + r/8)^{48}Taking the 48th root of both sides of the equation, we have:[tex]\sqrt[48]{1.6} = \sqrt[48]{(1 + \frac{r}{8} )^{48} }[/tex]1.00983983823726 = 1 + 0.125r0.125r = 1.00983983823726 - 10.125r = 0.00983983823726Interest rate, r = 0.00983983823726/0.125Interest rate, r = 0.0787Interest rate, r = 7.87%Read more on interest rate here: https://brainly.com/question/26343258#SPJ1