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scZoUnD [109]
4 years ago
14

if you invest $8,800 in a bank account for 4 years and end up closing the account with a total of $10,560 in it, what was your i

nterest rate? plz help im desperate ​
Mathematics
2 answers:
VashaNatasha [74]4 years ago
8 0
$8,800 x 4 years = 35,200

$10,560/ 35,200 = 0.3

Answer: 30%
kramer4 years ago
5 0

Answer:

Total = Principal × (1 + Rate) ^ years  

then solving for rate:

log(1 + rate) = {log(total) -log(Principal)} ÷ Years

log(1 + rate) = {log (10,560) -log(8,800)} ÷ 4

log(1 + rate) = {4.0236639182 -3.9444826722} ÷ 4

log(1 + rate) = 0.079181246  / 4

log(1 + rate) = 0.0197953115

10 ^ 0.0197953115 = 1.0466351394  = 1 + rate

rate = .0466351394 or 4.66351394%

source= http://www.1728.org/compint2.htm

Step-by-step explanation:

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