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Jeffrey deposited 700.00 into a new savings account that earns interest compounded annually. After 8 years, the balance in the account was 1,464.00. What was the interest rate on the account?Round your answer to the nearest tenth of a percent.

Solution

Jeffrey deposited 700.00 into a new savings account that earns interest compounded annually. After 8 years, the balance in the account was 1, 464.00. What was the interest rate on the account?Round your answer to the nearest tenth of a percent.

Solution

Rate : 9.66180 \dots %

Solution steps

Translate the problem into an equation:

1464 = 700 (1 + \frac{r}{1})^{1 \cdot 8}

Solve for

r, 1464 = 700 (1 + \frac{r}{1})^{1 \cdot 8} : r = 9.66180 \dots %

Rate : 9.66180 \dots %

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