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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.

Solução

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.

Solução

Rate : 6.29667 \dots %

Passos da solução

Translate the problem into an equation:

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

Resolver para

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

Rate : 6.29667 \dots %

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