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Andrew9471 Andrew9471
  • 30-05-2024
  • Mathematics
Answered

Suppose a deposit of $3,500 in a savings account that paid an annual interest rate r (compounded yearly) is worth $3,881 after 2 years. Using the formula A = P(1 + r), we have 3,881 = 3, 500(1 + r)? Solve for r to find the annual interest rate (to the nearest tenth). The annual interest rate, r is %.

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