A man was surprised when he found an old bank account statement in his mother’s attic. Money had been left for 30 years in a ban

Question

2 years ago

8

A man was surprised when he found an old bank account statement in his mother’s attic. Money had been left for 30 years in a ban

k account paying simple annual interest. The statement showed that originally $500 had been put into the account. When he called the bank, he found that there is now $1550 in the account! What is the annual interest rate?

Mathematics

2 answers:

Luba_88 [7] · Answer 1 · 2022-07-25T23:41:45+03:00

Luba_88 [7]2 years ago

7 0

Answer:

x = 0.0384

Step-by-step explanation:

$500(1+x)^(30)=1550$

Tamiku [17] · Answer 2 · 2022-07-26T00:42:25+03:00

Tamiku [17]2 years ago

5 0

Answer:

7%

Step-by-step explanation: