# Math

Suppose a deposit of \$3,500 in a savings account that paid an annual interest rate r (compounded yearly) is worth \$3,910 after 2 years.
Using the formula A=P(1+r)^t, we have 3,910=3,500(1+r) ^2Solve for r to find the annual interest rate (to the nearest tenth).
The annual interest rate, r is _____________%

1. 👍
2. 👎
3. 👁
1. so far, so good. Now you have
(1+r)^2 = 3910/3500 = 1.11714
Now just take the √ and subtract 1.
Then make that into a % rate.

1. 👍
2. 👎

## Similar Questions

1. ### Math help! Check my answers ASAP!

1. Which graph most likely describes the distance a person walks in a 24-hour period? (1 point) a. Graph IV** b. Graph II c. Graph I d. Graph III 2. A car traveling at 25 mi/h accelerates to 48 mi/h over the first 5 seconds. It

2. ### math

Mr. Flores opened an account with a deposit of \$5,000 The account earned annual simple interest. He did not make any additional deposits or withdrawals. At the end of 4 years, the balance of the account was \$6,500. What is the

3. ### math

Yvonne put \$4,000 in a savings account. At the end of 3 years, the account had earned \$960 in simple interest. A. how much does she have in her account at the end of 3 years? B. at what annual simple interest rate did the account

4. ### math

suppose you deposit \$3000 in a savings account that pays interest in a a rate of 4%. if no money is added or withdrawn from the account, how much will be in the account after ten years.

1. ### Algebra 2

Suppose you invest \$500 at an annual interest rate of 8.2% compounded continuously. How much will you have in the account after 15 years?

2. ### algebra

Four different accounts are described below. Order the accounts according to their values after 20 years, from greatest to least. 1.You deposit 1500\$ in an account that earns 5% annual interest compounded quarterly. 2. You deposit

3. ### Math

Mona opened a savings account with a \$500 deposit and a simple interest rate of 5.6%. If there were no deposits or withdrawals, how much money is in the account after 8/1/2  years

4. ### Algebra

Gwen has saved \$3,500 and wants to deposit it into a savings account that earns 4% annual interest for 10 years. Complete the table below to help Gwen compare her earnings in a simple interest account versus a compound interest

1. ### Math- Interest Rates

Yvonne put \$4,000 in a savings account. At the end of 3 years, the account had earned \$960 in simple interest. A. how much does she have in her account at the end of 3 years? B. at what annual simple interest rate did the account

2. ### math

Please someone show me how to work this one out? Suppose Caroline is a cinephile and buys only movie tickets. Caroline deposits \$3000 in a bank acct that pays an annual interest rate of 20%. You can assume that this interest rate

3. ### Math

Note: Enter your answer and show all the steps that you use to solve this problem in the space provided. Yvonne put \$4,000 in a savings account. At the end of 3 years, the account had earned \$960 in simple interest. How much does

4. ### Math - Algebra 1

You deposit \$9000 in a savings account that earns 3.6% annual interest compounded monthly. You also save \$40 per month in a safe at home. Write a function C(t) = b(t) + h(t) where b(t) represents the balance of your savings