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Kylie invested $4, 400 into an account that grew to $20, 300 over a period of 14 years. Assuming that the interest in the account is compounded monthly, what was the annual interest rate of the account? Give your answer as a percent rounded to two decimal places.

Kylie invested $4, 400 into an account that grew to $20, 300 over a period of 14 years. Assuming that the interest in the account is compounded monthly, what was the annual interest rate of the account? Give your answer as a percent rounded to two decimal places.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Kylie invested $4, 400 into an account that grew to $20, 300 over a period of 14 years. Assuming that the interest in the account is compounded monthly, what was the annual interest rate of the account? Give your answer as a percent rounded to two decimal places.
Transcribed Image Text:Kylie invested $4, 400 into an account that grew to $20, 300 over a period of 14 years. Assuming that the interest in the account is compounded monthly, what was the annual interest rate of the account? Give your answer as a percent rounded to two decimal places.
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