Answered: A sum of $6,000 deposited in an account…

A sum of $6,000 deposited in an account grows to $7,500 in 6 years. Assuming annual compounding, what interest rate is being paid? (Round your answer to two decimal places.)

Algebra for College Students

10th Edition

ISBN:9781285195780

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter10: Exponential And Logarithmic Functions

Section10.2: Applications Of Exponential Functions

Problem 25PS

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Question

A sum of $6,000 deposited in an account grows to $7,500 in 6 years. Assuming annual compounding, what interest rate is being paid? (Round your answer to two decimal places.)

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