Mathematics: DeShawn invests $1,046 in a savings account with a fixed annual interest rate compounded 3 times per year. After 6 years, the balance reaches $1,780.74. What is the interest rate of the account?

DeShawn invests $1,046 in a savings account with - id10465899879, michealjholley6211

Ответ:

Angeldelissa

23.01.2022

Step-by-step explanation:

You are going to want to use a modified compound interest formula, as shown below. This version of the compound interest formula is what you use to solve for the interest rate.

$r = n[(\frac{A}{P})^{1/nt}-1]$

r = interest rate (decimal)

n = numbers of times compounded (annually)

A = total amount

P = principal amount

t = time (years)

Now, lets plug in the values:

$r = 3[(\frac{1,780.74}{1,046})^{1/(3)6}-1]$

r = .09

r = 9% interest rate

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Ответ:

neidaq12345

30.11.2020

Mathematics

To check whether or not it is correct, you would multiply 30 by 4.
30 x 4 = 120

If you need to do it in smaller chunks, multiply 4 by 10
4 x 10 = 40
And then multiply the 40 by 3
40 x 3 = 120

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DeShawn invests $1,046 in a savings account with a fixed annual interest rate compounded 3 times per year. After 6 years, the balance reaches $1,780.74. What is the interest rate of the account?

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