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6) Molly invests $7,747 in a retirement account with a fixed annual interest rate compounded 2 times per year. After 16 years, the balance reaches $31,685.08. What is the intere…

6) Molly invests $7,747 in a retirement account with a fixed annual interest rate compounded 2 times per year. After 16 years, the balance reaches $31,685.08. What is the intere…
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3 votes
6) Molly invests $7,747 in a retirement

account with a fixed annual interest rate
compounded 2 times per year. After 16
years, the balance reaches $31,685.08.
What is the interest rate of the account?

asked
User Dudeldidadum
by
8.2k points

1 Answer

6 votes

Answer:

R = 9% per year

Explanation:

6) Molly invests $7,747 in a retirement account with a fixed annual interest rate-example-1
answered
User Tyler Youngblood
by
8.7k points
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