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5.) You deposit $5000 into an account compounded annually for 8 years. The account is now worth $9350. What was the interest rate paid on the account?

5.) You deposit $5000 into an account compounded annually for 8 years. The account is now worth $9350. What was the interest rate paid on the account?
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16 votes
5.) You deposit $5000 into an account compounded annually for 8

years. The account is now worth $9350. What was the interest rate
paid on the account?

asked
User Nathan Kurz
by
8.3k points

1 Answer

4 votes

Answer:

(1- 8 root of 9350/5000 times 100 = -8.14

answered
User Gordanvij
by
8.3k points
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