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On the last day in each month in 2020, Sean invests $500 to a savings...

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Accounting

On the last day in each month in 2020, Sean invests $500 to a savings account earning an annual rate of interest i. On December 31, 2020 his account has an accumulated value of $6103. Find the range of interest rates containing i. Be sure to show your work. a) 2% < i 2.5% b) 2.5% < i 3% c) 3% < i 3.5% d) 3.5% < i 4%

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