
Cohixet C.
asked 12/02/22Antonio invests USD 3,272 in a fixed annual interest account, compounded every 4 months; after 10 years, the account has reached USD 6,917.01.
What is the interest rate on this account?
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1 Expert Answer

Yefim S. answered 12/02/22
Tutor
5
(20)
Math Tutor with Experience
6917.01 = 3272(1 + r/3)30; r = 3((6917.01/3272)1/30-1) = 0.07580 = 7.58% per year
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Mark M.
Third post on interest and priciple. Attempt one before asking for help or ask a specific question.12/02/22