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shutvik [7]
2 years ago
9

Kate currently has an account balance of $7,194.66. She opened the account 21 years ago with a deposit of $2,978.41. If the inte

rest compounds daily, what is the interest rate on the account?

Mathematics
2 answers:
Ira Lisetskai [31]2 years ago
6 0

Answer:

The interest rate is 42 % on the account .

Step-by-step explanation:

Kate currently has an account balance of $7,194.66.

She opened the account 21 years ago with a deposit of $2,978.41.

So, Amount = $7,194.66.

Principal = $2,978.41.

Time = 21 years

No. of compounds = 365 since we are given that compounded daily.

Formula : A=P(1+\frac{r}{n})^{nt}

7194.66=2978.41(1+\frac{r}{365})^{365 \times 21}

r=0.042

Rate of interest = 0.042 = 42%

So, the interest rate is 42 % on the account .

jolli1 [7]2 years ago
5 0
Use the attached formula.
exp = [log (total / principal) / n*years]
where "n" is compounding periods per year
exp = [log (7,194.66 / 2,978.41) / (365*21)
exp = log ( <span> <span> <span> 2.4156042989 </span> </span> </span> ) / 7,665
exp = log ( <span> <span> 2.4156042989 </span> </span> ) / 7,665
exp = 0.38302579382 / 7,665
exp = <span> <span> <span> 0.00004997074935681670 </span> </span> </span>

rate = (10^exp -1)* n
rate = (10^<span>0.00004997074935681670 -1) * n
</span>rate = <span><span>(1.0001150685 </span> -1) * 365
</span>rate = <span>(.0001150685) * 365</span>
rate = <span> <span> <span> 0.0420000025 </span> </span> </span>
rate = <span>4.20000025 %
rate = 4.2 %

Yes, it's just that easy.  LOL


</span>

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