In Problems 47 - 50 , use graphical approximation techniques or an equation solver to approximate the desired interest rate. Express each answer as a percentage, correct to two decimal places. An employee opens a credit union account and deposits $ 90 at the end of each month. After two years, the account contains $ 52 , 177.48 . What annual nominal rate compounded monthly has the account earned?
In Problems 47 - 50 , use graphical approximation techniques or an equation solver to approximate the desired interest rate. Express each answer as a percentage, correct to two decimal places. An employee opens a credit union account and deposits $ 90 at the end of each month. After two years, the account contains $ 52 , 177.48 . What annual nominal rate compounded monthly has the account earned?
Solution Summary: The author calculates the annual nominal compounding rate that an account has earned where a person deposits 90 at the end of each month, and after 2 years, the amount in the account is
In Problems
47
-
50
, use graphical approximation techniques or an equation solver to approximate the desired interest rate. Express each answer as a percentage, correct to two decimal places.
An employee opens a credit union account and deposits
$
90
at the end of each month. After two years, the account contains
$
52
,
177.48
. What annual nominal rate compounded monthly has the account earned?
Using & Understanding Mathematics: A Quantitative Reasoning Approach (7th Edition)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.
Compound Interest Formula Explained, Investment, Monthly & Continuously, Word Problems, Algebra; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=P182Abv3fOk;License: Standard YouTube License, CC-BY
Applications of Algebra (Digit, Age, Work, Clock, Mixture and Rate Problems); Author: EngineerProf PH;https://www.youtube.com/watch?v=Y8aJ_wYCS2g;License: Standard YouTube License, CC-BY