Is my answer correct [4.0%]

Kayla currently has an account balance of $2,134.96. She opened the account 12 years ago with a deposit of $1,327.35. If the interest compounds twice a month, what is the interest rate on the account?

2.9%

0.3%

4.0%

4.9%

Question

Is my answer correct [4.0%]

Kayla currently has an account balance of $2,134.96. She opened the account 12 years ago with a deposit of $1,327.35. If the interest compounds twice a month, what is the interest rate on the account?

 2.9%

 0.3%

 4.0%

 4.9%

jim_thompson5910 · Answer

If you meant to say "twice a year" (instead of "twice a month"), then you are correct and it is 4%