Juliana opened a savings account with $467. The savings account compounds the interest annually and after 12 years the balance in the account was $636.92. What is the annual interest rate, r, for this account?

Juliana opened a savings account with $467. The savings account compounds the interest annually and after 12 years the balance in the account was $636.92. What is the annual interest rate, r, for this account?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

7:40 ✓
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Juliana opened a savings account with
$467. The savings account compounds the
interest annually and after 12 years the
balance in the account was $636.92. What
is the annual interest rate, r, for this
account?
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