Ned currently has an account balance of $3,634.51. He opened the account 13 years ago with a deposit of $2,564.65. If the interest compounds twice a year, what is the interest rate on the account?

Question

anonymous · Answer

help please

anonymous · Answer

sorry congrats on your first question but it would go better on the math subject theres alot of people who can help you there

anonymous · Answer

lol

anonymous · Answer

i really think that you will get help faster if you put this in the math subject.

anonymous · Answer

i want to help but idk this one sorry

anonymous · Answer

if you go to the top there is amath category a lot of people will be able to help you

tanner23456 · Answer

This doesn't belong in this section at all but I'll help you out anyways. Just refer back to the math section from now on.

So your formula for this one is r = n(ln(A/P)/(nt))

r being the interest rate and what you're trying to find.

A= 3,634.51

P = 2,564.65

n is the number of times compounded per year so n = 2

and t is the number of years so t = 13

r = 2(ln(3634.51/2564.65)/(2*13))

now just solve for r in your calculator.
 = 2.7%

anonymous · Answer

good job tanner !!!

anonymous · Answer

nice job