Sarah opened a savings account with a $725 deposit. This account earns 3.5% annual interest compounded twice each month. How lon
1 answer:
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Answer:
The interest rate of the account is
Step-by-step explanation:
we know that
The compound interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
substitute in the formula above and solve for r
Convert to percent