For the following exercises, use the compound interest formula, Use the formula found in the previous exercise

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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 that was compounded monthly, had an initial deposit of $5,500, and was worth $38,455 after 30 years.

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Precalculus

ISBN: 9781938168345

1st Edition

Authors: Jay Abramson

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Question Posted: Jun 02, 2022 03:16 AM

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For the following exercises, use the compound interest formula, Use the formula found in the previous exercise

Question:

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

Step by Step Answer:

Solution From the question we have P as 5500 n as 12 ...View the full answer

Precalculus

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