If $4200 is invested into a savings account for which interest is compounded semiannually, and if the $4200 turns into $4900 in
4 years, what is the interest rate of the savings?
A. 3.89%
B. 7.86%
C. 16.02%
D. 1.29%
2 answers:
x = interest rate
solve for x
4900 = 4200(1+x/2)^8
x = 0.0389 = 3.89%
Hello,
4900 = 4200(1+x/2)^8
x = 0.0389 = 3.89%
Hope this helps
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