The total value of an investment was $305.33 after $240 was invested for 10 years compounded monthly. Find the interest interest
rate.
1 answer:
Answer:
Interest rate = 2.41%
Step-by-step explanation:
The total value of an investment was $305.33 after $240 was invested for 10 years compounded monthly. Find the interest rate.
The formula to calculate the Interest rate for a Compound Interest is given as:
Solving for rate r as a decimal
r = n[(A/P)^1/nt - 1]
r = 12 × [(305.33/240.00)^1/(12)(10) - 1]
r = 0.0240996
Then convert r to R as a percentage
R = r * 100
R = 0.0240996 * 100
R = 2.41%/year
Therefore, the Interest rate = 2.41%
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