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16 September, 06:43

John Banks invested $6,700 in a mutual fund containing bonds. Find the rate if he earned $335 in interest in 5 months.

12%

5.5%

1%

6%

+2
Answers (1)
  1. 16 September, 06:59
    0
    F (x) = a (c) ^x

    X=number of months

    Y=his new amount with interests added

    7035=6700 (c) ^5

    C=1.0098

    The rate is 1.0098
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