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Alexander is going to invest $1,900 and leave it in an account for 7 years. Assuming the interest is compounded monthly, what interest rate, to the nearest tenth of a percent, would be required in order
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Alexander is going to invest $1,900 and leave it in an

account for 7 years. Assuming the interest is
compounded monthly, what interest rate, to the nearest
tenth of a percent, would be required in order for
Alexander to end up with $3,100?

User Neil Moss
by
6.2k points

1 Answer

2 votes

3,100= 1,900 +84x

right since 84 months in 7 years

so 14.3% right?

User Sketchthat
by
6.9k points
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