keeponbleeding

Sean currently has an account balance of $3,981.04. He opened the account five years ago with a deposit of $3,760.19. If the interest compounds daily, what is the interest rate on the account?

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keeponbleeding

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0.6%?

helder_edwin

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if the interest rate is r% per year then after five years you should have
\[ \large 3981.04=3760.19(1+r/100)^5 \]

helder_edwin

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solve for r

keeponbleeding

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100.1?

helder_edwin

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no

helder_edwin

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solving for \(r\):
\[ \large 100\cdot\left(\sqrt[5]{\frac{3981.04}{3760.19}}-1\right)=r \]

keeponbleeding

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\[100*(5\sqrt1.05 -1)=r\]
100*(5.12-1)=r
100*4.14=r
414=r??!

helder_edwin

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no

helder_edwin

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use a calculator.
the fraction inside the root is not 1.05

keeponbleeding

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idk. i give up

helder_edwin

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r=1.1480

keeponbleeding

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thanks so much. im not usually this thick...must study more XD