Question

if $4200 is invested in a savings account for which interest is compounded semiannually, and if the $4200 turns into $4900 in 4 years, what is the interest rate of the savings account?

Answer 1

4900=4200(1+r/2)^(2*4)
Solve for r
R=(4900/4200)^(1/8))-1)*2
R=((4,900÷4,200)^(1÷8)−1)×2
R=0.039*100=3.9%

Answer 2

3.89

Explanation:

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