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An account earning interest compounded annually was worth $44,100 after 2 years and $48,620.25 after 4 years. What is the interest rate?
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3 votes
An account earning interest compounded annually was worth $44,100

after 2 years and $48,620.25 after 4 years. What is the interest rate?

User Matteo Caprari
by
8.4k points

1 Answer

3 votes
R=(48,620.25÷44,100)^(1÷2)-1
R=0.05*100=5%
The initial deposit is 40000
User OxyDesign
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