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What is the annual compound interest rate for an investment account modeled by the function y = 7400 • 1.07^x? A. 7% B. 1.07% C. 0.07% D. 97%

What is the annual compound interest rate for an investment account modeled by the function y = 7400 • 1.07^x? A. 7% B. 1.07% C. 0.07% D. 97%
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What is the annual compound interest rate for an investment account modeled by the function y = 7400 • 1.07^x?

A. 7%
B. 1.07%
C. 0.07%
D. 97%

asked
User Gregor
by
8.0k points

1 Answer

3 votes
The formula is
Y=p (1+r)^x
Where r is the interest rate
Y=7400 (1+0.07)^x

R=0.07×100=7%

It's a
answered
User Shuvojit
by
8.9k points
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