Angela currently has an account balance of &4,298.55. She opened the account 15 years ago, with a deposit of $1,987.22. If the interest compounds monthly, what is the interest rate on the account?

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asked Sep 5, 2021 87.4k views

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Angela currently has an account balance of &4,298.55. She opened the account 15 years ago, with a deposit of $1,987.22. If the interest compounds monthly, what is the interest rate on the account?

Mathematics
high-school

Null Mastermind asked

by Null Mastermind

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6 votes

Answer:

The interest rate is 5.278%

Explanation:

4298.55=1987.22(1+r/100)^15

r=5.278%

Margach Chris answered Sep 11, 2021

by Margach Chris

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