volvic1oemyogirlymc7 volvic1oemyogirlymc7

20-06-2016
Mathematics

Answered

Sally invests $4000 in a savings account which compounds interest monthly. After 10 years, she has a balance of $5,451.52. What is the annual interest rate of the account, rounded to the nearest 0.01%?

Verified Answer :

jcorsbie1 jcorsbie1

20-06-2016

The annual interest rate would be 3.63%.

$1451.52/10=145.152

145.152/4000=0.036288

3.63% (With Rounding)

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