Serenity invested $4,000 into an account that grew to $25,000 over a period of 23 years. Assuming that the interest in the account is compounded monthly, what was the annual interest rate of the account? Record the result as a percentage rounded to two decimal places.
Serenity invested $4,000 into an account that grew to $25,000 over a period of 23 years. Assuming that the interest in the account is compounded monthly, what was the annual interest rate of the account? Record the result as a percentage rounded to two decimal places.
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.6: Other Types Of Equations
Problem 9ECP: You deposit $2500 in a long-term investment in which the interest is compounded monthly. After 5...
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