marie invest 3000 dollars into a savings account. In four years, she earn a total amount of 768 dollars in interest. What is the annual interest rate offered by this account

Solution

Solution

Rate : (- 18.6%)

Solution steps

Translate the problem into an equation:

768 = 3000 (1 + r \cdot 4)

Solve for

r, 768 = 3000 (1 + r \cdot 4) : r = - 18.6%

Rate : (- 18.6%)

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