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14 July, 07:54

An initial deposit of $5325 was made into an account that compounds interest semi-annually. No other deposits were made. At the end of 13 years, the balance in the account had doubled. Find the interest rate on this account.

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  1. 14 July, 10:00
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    Answer: R = 5.404% per year

    Formula: Where: r = n[ (A/P) ^1/nt - 1]
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