Miguel deposits 5380 dollars in an account, and 5 years later the account balance is 11060 dollars. If Interest is compounded monthly, what is the rate Interest per month? The interest rate is (Round to 2 decimal places)

Miguel deposits 5380 dollars in an account, and 5 years later the account balance is 11060 dollars. If Interest is compounded monthly, what is the rate Interest per month? The interest rate is (Round to 2 decimal places)

Intermediate Algebra

10th Edition

ISBN:9781285195728

Author:Jerome E. Kaufmann, Karen L. Schwitters

Publisher:Jerome E. Kaufmann, Karen L. Schwitters

Chapter2: Equations, Inequalities, And Problem Solving

Section2.S: Summary

Problem 8S: What interest rate would you need to get to double an investment of 200 in eight years?

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Question

Miguel deposits 5380 doilars in an account, and 5 years later the account balance is 11060 dollars. Ifr interest is compounded monthly, what is the rate of
Interest per month?
The interest rate is
(Round to 2 decimal places)

At what interest rate (compounded monthly) should you invest if you would like to grow $3,968.48 to $4,162.00 in 15 months?
(Note: Round your answer to two decimal places)

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