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6) Molly invests $7,747 in a retirement account with a fixed annual interest rate compounded 2 times per year. After 16 years, the balance reaches $31,685.08. What is the interest rate of the account?
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6) Molly invests $7,747 in a retirement

account with a fixed annual interest rate
compounded 2 times per year. After 16
years, the balance reaches $31,685.08.
What is the interest rate of the account?

User Dudeldidadum
by
3.4k points

1 Answer

6 votes

Answer:

R = 9% per year

Explanation:

6) Molly invests $7,747 in a retirement account with a fixed annual interest rate-example-1
User Tyler Youngblood
by
4.5k points
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