Question

What formula do I use to solve this: Zoey opened a savings account four years ago with a deposit of $935.15. The interest on the account compounds monthly. If Zoey’s current account balance is $1,128.16, what is the interest rate on the account?
a) .04%
b)4.7%
c)14.2%
d)18.9%

Answer 1

well, " The interest on the account compounds monthly. " <--- seems to be is the interest compound formula

Answer 2

http://www.mathwarehouse.com/compound-interest/images/formula-compound-interest.png