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csmith91367
csmith91367 csmith91367
  • 05-03-2017
  • Mathematics
Answered

An account earning interest compounded annually was worth $44,100

after 2 years and $48,620.25 after 4 years. What is the interest rate?

Verified Answer :

Aliwohaish12
Aliwohaish12 Aliwohaish12
  • 08-03-2017

R=(48,620.25÷44,100)^(1÷2)-1
R=0.05*100=5%
The initial deposit is 40000

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