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26 November, 04:16

If $7300 is invested into a savings account for which interest is compounded monthly, and if the $7300 turns into $8600 in 2 years, what is the interest rate of the savings account?

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  1. 26 November, 04:50
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    8600=7300 (1+i/12) ^ (12*2)

    1.18 = (1+i/12) ^24

    1.18^1/24=1+i/12

    1.0069202701-1=i/12

    0.007=i/12

    I=0.007*12

    I=0.084*100

    I=8.4%
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