Max invests $6000 in a savings account for 3 years. The account pays compound interest at...
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Max invests $6000 in a savings account for 3 years. The account pays compound interest at a rate of 1.5% per year for the first 2 years The compound interest rate changes for the third year. At the end of 3 years, there is a total of $6311.16 in the account. Work out the compound interest rate for the third year. Give your answer correct to 1 decimal place. Max invests $6000 in a savings account for 3 years. The account pays compound interest at a rate of 1.5% per year for the first 2 years The compound interest rate changes for the third year. At the end of 3 years, there is a total of $6311.16 in the account. Work out the compound interest rate for the third year. Give your answer correct to 1 decimal place.
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Answer rating: 100% (QA)
To find the compound interest rate for the third year we can use the formula for compound interest F... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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