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3 years ago

10

Karen currently has an account balance of $7,062.25. She opened the account 17 years ago with a deposit of $2,640.95. If the int

erest compounds monthly, what is the interest rate on the account?

1 answer:

Setler79 [48]3 years ago

5 0

The interest rate is 0.4833333%

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Well, is namely their difference, so, let's first convert the mixed fractions to "improper", and subtract.

$\bf \stackrel{mixed}{30\frac{1}{2}}\implies \cfrac{30\cdot 2+1}{2}\implies \stackrel{improper}{\cfrac{61}{2}}
\\\\\\
\stackrel{mixed}{100\frac{3}{4}}\implies \cfrac{100\cdot 4+3}{4}\implies \stackrel{improper}{\cfrac{403}{4}}\\\\
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\cfrac{61}{2}-\cfrac{403}{4}\impliedby \textit{so our \underline{LCD is 4}}\implies \cfrac{(2\cdot 61)~-~(1\cdot 403)}{4}
\\\\\\
\cfrac{122-403}{4}\implies \cfrac{-281}{4}\implies -70\frac{1}{4}$

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Step-by-step explanation:

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