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Maria deposited $500.00 into a new savings account that earns interest compounded monthly. After 4 years, the balance in the account was $531.00. What was the interest rate on the account?
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May 15, 2024
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Maria deposited $500.00 into a new savings account that earns interest compounded monthly. After 4 years, the balance in the account was $531.00. What was the interest rate on the account?
Mathematics
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Answer:
The interest rate is 1.5% compounded monthly.
Brittnee
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May 21, 2024
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Brittnee
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