Question

WILL AWARD MEDAL
Addison currently has an account balance of $1,737.83. She opened the account 11 years ago with a deposit of $1,334.62. If the interest compounds semi-annually, what is the interest rate on the account?

Answer 1

1.2%

2.4%

4.1%

7.7%

Answer 2

@triciaal

Answer 3

do you know how to compound interest?
remember semi-annually means 2 times per year (every 6 months)

Answer 4

its been awhile since ive done it

Answer 5

same here; need the formula for compound interest.
for simple interest the formula is I = PRT/100 where I is the interestin $, P is the starting amount in $, R is the rate as a % and T is the time in years

Answer 6

using simple interest for this problem 403.21 = 1334.62 *r * 22
r =

Answer 7

I= P(1 + R)^t let me check the formula, i'll be back

Answer 8

A =P(1 + r)^t is the correct formula for compound interest where A is the accumulated amount after t years

Answer 9

plug the numbers and calculate

Answer 10

r u trying it to confirm a or b ?