Jeffrey deposited $25,000 into a savings account that compounds interest quarterly. After 5 years, the amount in his account is $29,906.34. What is Jeffrey's annual interest rate on the account? a r≈3.2% b r≈4.1% c r≈3.8% d r≈3.6%
Jeffrey deposited $25,000 into a savings account that compounds interest quarterly. After 5 years, the amount in his account is $29,906.34. What is Jeffrey's annual interest rate on the account? a r≈3.2% b r≈4.1% c r≈3.8% d r≈3.6%
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Question
Jeffrey deposited $25,000 into a savings account that compounds interest quarterly. After 5 years, the amount in his account is $29,906.34. What is Jeffrey's annual interest rate on the account?
a |
r≈3.2%
|
b |
r≈4.1%
|
c |
r≈3.8%
|
d |
r≈3.6%
|
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