I'm stuck on this one question. Help please? I promise to medal and fan!
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?

Question

I'm stuck on this one question. Help please? I promise to medal and fan! 
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?

anonymous · Answer

A. 1.1%
B. 0.6%
C. 4.6%
D. 5.6%

stamp · Answer

Use your formula for compound interest and then solve for your unknown variable r

anonymous · Answer

put n = 365
A = 3981.04
P = 3760.19
t = 5
and find r

anonymous · Answer

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