Answered: Sumalee invests $1,776 in a retirement…

Sumalee invests $1,776 in a retirement account with a fixed annual interest rate compounded 3 times per year. After 19 years, the balance reaches $6,588.80. What is the interest rate of the account?

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section: Chapter Questions

Problem 5RE: A retirement account is opened with an initialdeposit of 8,500 and earns 8.12 interest compounded...

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Question

Sumalee invests $1,776 in a retirement account with a fixed annual interest rate compounded 3 times per year. After 19 years, the balance reaches $6,588.80. What is the interest rate of the account?

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