## A community for students. Sign up today

Here's the question you clicked on:

## 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?

• This Question is Closed
1. keeponbleeding

0.6%?

2. helder_edwin

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

solve for r

4. keeponbleeding

100.1?

5. helder_edwin

no

6. helder_edwin

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

7. keeponbleeding

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

8. helder_edwin

no

9. helder_edwin

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

10. keeponbleeding

idk. i give up

11. helder_edwin

r=1.1480

12. keeponbleeding

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

#### Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy