Question

Sean currently has an account balance of $3,981.04. He opened the account five years ago with a deposit of $3,760.19. If the interest compounds daily, what is the interest rate on the account?

Answer 1

0.6%?

Answer 2

if the interest rate is r% per year then after five years you should have
\[ \large 3981.04=3760.19(1+r/100)^5 \]

Answer 3

solve for r

Answer 4

100.1?

Answer 5

no

Answer 6

solving for \(r\):
\[ \large 100\cdot\left(\sqrt[5]{\frac{3981.04}{3760.19}}-1\right)=r \]

Answer 7

\[100*(5\sqrt1.05 -1)=r\]
100*(5.12-1)=r
100*4.14=r
414=r??!

Answer 8

no

Answer 9

use a calculator.
the fraction inside the root is not 1.05

Answer 10

idk. i give up

Answer 11

r=1.1480

Answer 12

thanks so much. im not usually this thick...must study more XD