Question

if $7300 is invested into a savings account for which interest is compounded monthly, and if the $7300 turns into $8600 in 2 years, what is the interest rate of the savings account?

Answer 1

8600=7300(1+i/12)^(12*2)
1.18=(1+i/12)^24
1.18^1/24=1+i/12
1.0069202701-1=i/12
0.007=i/12
I=0.007*12
I=0.084*100
I=8.4%