Karen currently has an account balance of $7,062.25. She opened the account 17 years ago with a deposit of $2,640.95. If the interest compounds monthly, what is the interest rate on the account?

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asked Jun 26, 2018 26.9k views

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Karen currently has an account balance of $7,062.25. She opened the account 17 years ago with a deposit of $2,640.95. If the interest compounds monthly, what is the interest rate on the account?

Mathematics
middle-school

Adi Rohan asked

by Adi Rohan

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The interest rate is 0.4833333%

Frank Denis answered Jun 29, 2018

by Frank Denis

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