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keeponbleeding

  • 3 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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  1. keeponbleeding
    • 3 years ago
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    0.6%?

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

  3. helder_edwin
    • 3 years ago
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    solve for r

  4. keeponbleeding
    • 3 years ago
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    100.1?

  5. helder_edwin
    • 3 years ago
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    no

  6. helder_edwin
    • 3 years ago
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    solving for \(r\): \[ \large 100\cdot\left(\sqrt[5]{\frac{3981.04}{3760.19}}-1\right)=r \]

  7. keeponbleeding
    • 3 years ago
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    \[100*(5\sqrt1.05 -1)=r\] 100*(5.12-1)=r 100*4.14=r 414=r??!

  8. helder_edwin
    • 3 years ago
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    no

  9. helder_edwin
    • 3 years ago
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    use a calculator. the fraction inside the root is not 1.05

  10. keeponbleeding
    • 3 years ago
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    idk. i give up

  11. helder_edwin
    • 3 years ago
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    r=1.1480

  12. keeponbleeding
    • 3 years ago
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    thanks so much. im not usually this thick...must study more XD

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