Josie opened a retirement account with 1.99% APR in 2000. her initial deposit was $32,500. How much will the account be worth in
1 answer:
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Answer: 63%
Step-by-step explanation:
First find the rate of loss that would cause the average rate of loss over the 10-year period equal to 38.0%.
Assume that rate is x.
38 = (36.2 + 29.0 + 46.2 + 37.5 + 40.9 + 40.0 + 32.6 + 40.5 + 40.1 + x) / 10
38 = (343 + x ) / 10
380 = 343 + x
x = 380 - 343
x = 37%
The survival rate is the opposite of the rate of loss which means that the survival rate is;
= 1 - rate of loss
= 1 - 37%
= 63%
