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keeponbleeding
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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
 2 years ago
keeponbleeding Group Title
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
 2 years ago

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keeponbleeding Group TitleBest ResponseYou've already chosen the best response.0
0.6%?
 2 years ago

helder_edwin Group TitleBest ResponseYou've already chosen the best response.1
if the interest rate is r% per year then after five years you should have \[ \large 3981.04=3760.19(1+r/100)^5 \]
 2 years ago

helder_edwin Group TitleBest ResponseYou've already chosen the best response.1
solve for r
 2 years ago

keeponbleeding Group TitleBest ResponseYou've already chosen the best response.0
100.1?
 2 years ago

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

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

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

keeponbleeding Group TitleBest ResponseYou've already chosen the best response.0
idk. i give up
 2 years ago

helder_edwin Group TitleBest ResponseYou've already chosen the best response.1
r=1.1480
 2 years ago

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