Question

A bank account has an initial deposit of $14,000. After 8 years, the bank account

Answer 1

Answer:

2.3%

Step-by-step explanation:

18000 = 15000( 1 + i)^8

Divide both sides by 15000

1.2 = (1 + i)^8

Take both sides to the 1/8 power

1.2^(1/8) = 1 + i

1.023051875220463 = 1 + i

Subtract 1 from both sides

i = 0.023051875220463

~ 2.3%