Scott currently has an account balance of $2,147.39. He opened the account five years ago with a deposit of $1,852.10. If the interest compounds monthly, what is the interest rate on the account?

A=2265.41$

This can be solved using compound interest formula

A=p (1+rn) nt

p = principle interest

r = annual interest

n = number of times interest is compounded per year

t = number of years the amount is deposited or borrowed for

A = Amount after n years including balance

Here,

p = 2000

r = 2.5 / 100 = 0.025

n = 4

t = 5

so,

A=2000 (1+0.0254) 4⋅5

A=2000 (1.00625) 20

A=2000 (1.1327)

A=2265.41$