A bank account has an initial deposit of 16 000 After 7 years the bank...
90.2K
Verified Solution
Link Copied!
Question
Basic Math
A bank account has an initial deposit of 16 000 After 7 years the bank account has 21 000 Assuming that compounding interest is done annually and that no withdrawals are taken find the annual interest rate on the investment Points 0 of 1 If interest is compounded annually what is the approximate interest rate on the investment Do not round until the final answer Then round to the nearest hundredth Saw
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
