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Blake is going to invest $79,000 and leave it in an account for 9 years. Assuming the interest is compounded monthly, what interest rate, to the nearest tenth of a percent, woul…

Blake is going to invest $79,000 and leave it in an account for 9 years. Assuming the interest is compounded monthly, what interest rate, to the nearest tenth of a percent, woul…
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Blake is going to invest $79,000 and leave it in an account for 9 years. Assuming the interest is compounded monthly, what interest rate, to the nearest tenth of a percent, would be required in order for Blake to end up with $96,000?

asked
User Abish R
by
8.9k points

1 Answer

14 votes

Answer:

r =2.2%

Explanation:

answered
User Pondidum
by
8.8k points
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