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28 December, 23:51

An account earning interest compounded annually was worth $44,100

after 2 years and $48,620.25 after 4 years. What is the interest rate?

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  1. 29 December, 02:12
    0
    R = (48,620.25:44,100) ^ (1:2) - 1

    R=0.05*100=5%

    The initial deposit is 40000
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