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Sophia is going to invest $5,800 and leave it in an account for 5 years. Assuming the interest is compounded annually, what interest rate, to the nearest hundredth of a percent,…

Sophia is going to invest $5,800 and leave it in an account for 5 years. Assuming the interest is compounded annually, what interest rate, to the nearest hundredth of a percent,…
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2 votes
Sophia is going to invest $5,800 and leave it in an account for 5 years. Assuming the

interest is compounded annually, what interest rate, to the nearest hundredth of a
percent, would be required in order for Sophia to end up with $7,500?

asked
User Dhamith Kumara
by
7.8k points

1 Answer

4 votes

Answer:

r≈5.28%

Explanation:

Sophia is going to invest $5,800 and leave it in an account for 5 years. Assuming-example-1
answered
User Victor Ashik
by
8.0k points
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