jazmin565 jazmin565

19-11-2021
Business

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A sum of $6,500 deposited in an account grows to $8,000 in 9 years. Assuming annual compounding, what interest rate is being paid

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hunchomar314 hunchomar314

19-11-2021

Answer:

The interest rate would be 2.33%, bringing the total after 9 years to $8,000.06

Explanation:

The final balance would be $8,000.06 and a total compound interest of $1,500.06

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