You deposit $6,000 into an account that promises to pay you an annual interest rate of 5.5 percent for the next 6 years. You will leave the money deposited in the account and 10 years from today you should have $12,800 in your account. How much annual interest do you need to earn in the last 4 years to achieve this goal?

Answer rating: 100% (QA)

We can start by using the compound interest formula to find out how much the initial deposit of 6000 ... View the full answer