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OpenStudy (anonymous):
When Katie was born her mother invested $5000 in an account for her college savings. We can use the formula V = 5000(1 + r)t where r represents the interest rate and t represents the time in years. If Katie has approximately $11,042 in her account after 18 years, what was the interest rate for the account? A) 3.5% B) 4.5% C) 5.5% D) 6.5%
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OpenStudy (primeralph):
shouldn't that be (1+r)^t ?
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