Question

Newton currently has an account balance of $6,225.18. He opened the account 15 years ago with a deposit of $4,543.11. If the interest compounds daily, what is the interest rate on the account?

30.3%

7.7%

58.3%

2.1%

Answer 1

thank you satellite

Answer 2

\[6,225.18=4543.11\times (1+\frac{r}{365})^{365\times 15}\]

Answer 3

Your the best thank you=D

Answer 4

yw
do you know how to solve?

Answer 5

Yep=D

Answer 6

ok

Answer 7

I got 2.1% is that correct?