Question

(HELP PLEASE)
Sally invests $4000 in a savings account which compounds interest monthly. After 10 years, she has a balance of $4,451.52. What is the annual interest rate of the account, rounded to the nearest 0.01%?

(please help none of my notes covered this type of problem.)

Answer 1

P=PO(1+r/k)^kt
p=future amount
po=initial amount
r=rate of change(unknow)
k=# of compounding period
t=time

so
4451.52=4000(1+(x/12))^(12*10)
then find out x

Answer 2

Hope if this makes sense

Answer 3

Am I suppose to get a negative number?

Answer 4

no, but it should be super small

Answer 5

i got 12.84%

Answer 6

for the annual interest rate

Answer 7

I was way off I got a negative around -23.78, I must have done something wrong.