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 2 years ago
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?
 2 years ago
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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helder_edwin
 2 years ago
Best ResponseYou've already chosen the best response.1if 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
 2 years ago
Best ResponseYou've already chosen the best response.1solving for \(r\): \[ \large 100\cdot\left(\sqrt[5]{\frac{3981.04}{3760.19}}1\right)=r \]

keeponbleeding
 2 years ago
Best ResponseYou've already chosen the best response.0\[100*(5\sqrt1.05 1)=r\] 100*(5.121)=r 100*4.14=r 414=r??!

helder_edwin
 2 years ago
Best ResponseYou've already chosen the best response.1use a calculator. the fraction inside the root is not 1.05

keeponbleeding
 2 years ago
Best ResponseYou've already chosen the best response.0thanks so much. im not usually this thick...must study more XD
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