The interest rate for a $6000 deposit accumulating to $6957, compounded annually for 6 years is r=2.49%.
<h3>What is meant by interest rate?</h3>
The interest rate is the amount charged by the lender to the borrower over and above the principal amount. In terms of the receiver, a person who deposits money in any bank or financial institution obtains additional revenue due to the time value of money, which is referred to as interest received by the depositor.
Here's a simple interest formula: Interest = P x R x T, P = Principal Amount (the beginning balance).
Given, Amount=6957, P=6000, t=6 years
A=P![(1+(r/n)^{nt}](https://tex.z-dn.net/?f=%281%2B%28r%2Fn%29%5E%7Bnt%7D)
6957=6000(1+(r/1))![(1+(r/1))^{6}](https://tex.z-dn.net/?f=%281%2B%28r%2F1%29%29%5E%7B6%7D)
=6957/6000
=1.1595
ln
=ln(1.1595)
6(1+(r/1))=ln(1.1595)
(1+(r/1))=ln(1.1595)/6=0.0246
(1+(r/1))=![e^{0.0246}](https://tex.z-dn.net/?f=e%5E%7B0.0246%7D)
1+r=1.02490508
r=0.02490508
r=2.49%
The interest rate for a $6000 deposit accumulating to $6957, compounded annually for 6 years is r=2.49%.
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