Popular >

Porter and Sadie deposited 6,000.00 into a savings account which earns interest compounded monthly. After 2 years, they had 6,803.00 in the account which they used to go on a trip. What was the interest rate on the account?Round your answer to the nearest tenth of a percent.

Solution

Porter and Sadie deposited 6, 000.00 into a savings account which earns interest compounded monthly. After 2 years, they had 6, 803.00 in the account which they used to go on a trip. What was the interest rate on the account?Round your answer to the nearest tenth of a percent.

Solution

Rate : 6.29667 \dots %

Solution steps

Translate the problem into an equation:

6803 = 6000 (1 + \frac{r}{12})^{12 \cdot 2}

Solve for

r, 6803 = 6000 (1 + \frac{r}{12})^{12 \cdot 2} : r = 6.29667 \dots %

Rate : 6.29667 \dots %

Popular Examples

a 10 min call decrease by 20%. the cost before decrease was \text{3.40. what was the cost of the decrease?:}the sum of three consecutive even integers is-120 five more than th sum of 6 and twice a number The area of a rectangle is 49 square centimeters and the length is 7 centimeters. What is the width of the rectangle?The perimeter of a rectangular garden is 348m. If the width of the garden is 81m, what is its length?