Question

Kim deposited $1,422 into a savings account. After 5 years, she had a total of $1,635.30 in her account. What is the interest rate?
With step by step explanation = Brainliest

Answer 1

Answer:

don't know

Step-by-step explanation:

ok please mark mr brainlist

Answer 2

Answer:

3%

Step-by-step explanation:

Interest rat is calculated by using the equation A = P(1 + r)^n

A is the amount after interest. Here, it is 1635.30

P is the principal, or base, amount. Here, it is 1422

r is the rate at which there is interest. It is what we need to find out.

n is the amount of years interest is calculated for. Here, it is 5

Now that we have everything, we calculate:

1635.30 = 1422(1 + r)^5

Now we have to get r on one side of the equation by itself:

Divide both sides by 1422:

1635.30/1422 = (1 + r)^5

5√(1655.30/1422) = 1 + r

5√(1.16406469) - 1 = r

Now r is on one side of the equation.

The 5th root of 1.16406469 is 1.03084987

1.03084987 - 1 = 0.0308, so it is 3%

The 5√ is the 5th root of the numbers

Or it's 2.835 percent I don't know