A bank account has an initial deposit of $18,000. After 5 years, the bank account

Mathematics

1 answer:

ivolga24 [154]2 years ago

5 0

Answer:

7.63%

Step-by-step explanation:

26000 = 18000 (x)⁵

Divide both sides by 18000

1.4444444444 = x⁵

Raise both sides to the (1/5) power

1.4444444444^(1/5) = x

1.0763169225 = x

interest = x - 1

interest = 0.0763169225

Appox interest rate = 7.63%

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