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Claire deposited $2,500 into an account that accrues interest monthly. She made no additional deposits or withdrawals. After 2 years, Claire had $2,762.35 in the account. What is the annual interest rate of the account?

Respuesta :

Answer here 
5.247

Work
262.35 = 2,500.00 R 2

syed786
According to formula

A = p ( 1+ r/ 100) ^t

$2762.35 = $2500 ( 1 + r/ 100) ^2

2762.35 = $2500 ( 1+r/ 100)^2

$2762.35 × 100 × 100 / $2500 = (100+r) ^2

$ 27623500/ $2500 = (100+r)^2

$11049.5 = ( 100+ r )^2

After removing squre

√11049.5 = 100 + r

105.11 – 100 = r

5.11 % rate answer





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