castel invests $7178 in a savings account with monthly compounding. after 7 years, the balance reaches $12,543.00. What is the i
nterest rate of the account?
2 answers:
Answer:
r = 129.1 %
Step-by-step explanation:
Using the compounding formula:
A = P (1 + r/t)^nt
$12, 543 = $7178 (1 + r/12)^12(7)
-7178
$5365 = (1 + r/12)^84
![\sqrt[84]{5365}](https://tex.z-dn.net/?f=%5Csqrt%5B84%5D%7B5365%7D)
= ![\sqrt[84]{(1 +\frac{r}{12})^{84}}](https://tex.z-dn.net/?f=%5Csqrt%5B84%5D%7B%281%20%2B%5Cfrac%7Br%7D%7B12%7D%29%5E%7B84%7D%7D)
1.107642572 = 1 + r/12
(0.108 = r/12) (12)
r = 1.2917 = 129.1 %
200...……………gggggggg ggggg gggg
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