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mars1129 [50]
3 years ago
5

Please Help! Algebra 2!

Mathematics
1 answer:
eduard3 years ago
8 0

Answer:

The interest rate of the account is 3\%

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

A=P(1+\frac{r}{n})^{nt}  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

t=14\ years\\ P=\$1,863\\ A=\$2,830.97\\n=4  

substitute in the formula above  and solve for r

\$2,830.97=\$1,863(1+\frac{r}{4})^{4*14}  

(2,830.97/1,863)=(1+\frac{r}{4})^{56}  

(2,830.97/1,863)^{1/56}=(1+\frac{r}{4})

[(2,830.97/1,863)^{1/56}-1]=\frac{r}{4}    

r=4*[(2,830.97/1,863)^{1/56}-1]\\ \\r= 0.03

Convert to percent

r= 0.03*100=3\%

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