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An initial deposit of $5325 was made into an account that compounds interest semi-annually. No other deposits were made. At the end of 13 years, the balance in the account had d…

An initial deposit of $5325 was made into an account that compounds interest semi-annually. No other deposits were made. At the end of 13 years, the balance in the account had d…
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An initial deposit of $5325 was made into an account that compounds interest semi-annually. No other deposits were made. At the end of 13 years, the balance in the account had doubled. Find the interest rate on this account.

User Wildhorn
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1 Answer

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Answer: R = 5.404% per year

Formula: Where: r = n[(A/P)^1/nt - 1]
User Mkmitchell
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