Patrick decided to run every day to keep himself healthy. He ended up running
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Answer:
The value of the acount after t years is of
The annual growth rate is of 0.72%.
Step-by-step explanation:
Compound interest:
The compound interest formula is given by:
Where A(t) is the amount of money after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per year and t is the time in years for which the money is invested or borrowed.
$650 is invested in an account earning 8.6% interest (APR), compounded monthly.
This means that . So
The value of the acount after t years is of
Annual growth rate
1.0072 - 1 = 0.0072 = 0.72%
The annual growth rate is of 0.72%.