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Morgan is going to invest $8,200 and leave it in an account for 10 years. Assuming the interest is compounded monthly, what interest rate, to the nearest hundredth of a percent,…

Morgan is going to invest $8,200 and leave it in an account for 10 years. Assuming the interest is compounded monthly, what interest rate, to the nearest hundredth of a percent,…
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14 votes
Morgan is going to invest $8,200 and leave it in an account for 10 years. Assuming

the interest is compounded monthly, what interest rate, to the nearest hundredth of a
percent, would be required in order for Morgan to end up with $16,500?

User Ben Marini
by
7.8k points

2 Answers

11 votes

Answer:

4.9%

Explanation:

User Fifigyuri
by
8.5k points
11 votes

Answer: r ≈ 7.01%

Explanation:

User Mwilliams
by
7.4k points
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