Jeffrey deposited $25,000 into a savings account that compounds interest quarterly. After 5 years, the amount in his account is $29,906.34. What is Jeffrey's annual interest rate on the account? a r≈3.2% b r≈4.1% c r≈3.8% d r≈3.6%

Jeffrey deposited $25,000 into a savings account that compounds interest quarterly. After 5 years, the amount in his account is $29,906.34. What is Jeffrey's annual interest rate on the account? a r≈3.2% b r≈4.1% c r≈3.8% d r≈3.6%

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter10: Exponential And Logarithmic Functions

Section: Chapter Questions

Problem 443RE: Elise invests $4500 in an account that compounds interest monthly and earns 6%. How long will it...

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Question

Jeffrey deposited $25,000 into a savings account that compounds interest quarterly. After 5 years, the amount in his account is $29,906.34. What is Jeffrey's annual interest rate on the account?

a	r≈3.2%
b	r≈4.1%
c	r≈3.8%
d	r≈3.6%

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