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Karen currently has an account balance of $7,062.25. She opened the account 17 years ago with a deposit of $2,640.95. If the interest compounds monthly, what is the interest rat…

Karen currently has an account balance of $7,062.25. She opened the account 17 years ago with a deposit of $2,640.95. If the interest compounds monthly, what is the interest rat…
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Karen currently has an account balance of $7,062.25. She opened the account 17 years ago with a deposit of $2,640.95. If the interest compounds monthly, what is the interest rate on the account?

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User Adi Rohan
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8.2k points

1 Answer

4 votes
The interest rate is 0.4833333%
answered
User Frank Denis
by
8.9k points
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