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Newton currently has an account balance of $6,225.18. He opened the account 15 years ago with a deposit of $4,543.11. If the interest compounds daily, what is the interest rate on the account? 30.3% 7.
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Newton currently has an account balance of $6,225.18. He opened the account 15 years ago

with a deposit of $4,543.11. If the interest compounds daily, what is the interest rate on the
account?
30.3%
7.7%
58.3%
2.1%

User Valerio
by
5.0k points

1 Answer

5 votes

Answer: 2.1%

Explanation:

r = n [(A/P)^1/nt - 1

User Andrew Gans
by
5.1k points
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