Question: For the following exercises, use the compound interest formula, Use the formula found in the previous exercise to calculate the interest rate for an account

For the following exercises, use the compound interest formula, A(t) = P(1 + 7)". r nt

Use the formula found in the previous exercise to calculate the interest rate for an account that was compounded monthly, had an initial deposit of $5,500, and was worth $38,455 after 30 years.

A(t) = P(1 + 7)". r nt

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