SOLUTION: Suppose you have $8000 deposited in an account with interest compounded semiannually. After 8 years, the account has grown to $9300. What is the interest rate on this account?

Question 1181331: Suppose you have $8000 deposited in an account with interest compounded semiannually. After 8 years, the account has grown to $9300. What is the interest rate on this account?
Answer by ikleyn(52788) (Show Source): You can put this solution on YOUR website!
.

Go to the lesson
- Problems on discretely compound accounts
in this site.

Find the full theory and TWINS solved problems to yours.

Consider them as your TEMPLATES.

Having these templates in front of you, solve your problem in the same way.

After reading this lesson, you will tackle such problems on your own without asking for help from outside.

RELATED QUESTIONS
Suppose you have $8000 deposited in an account with interest compounded semiannually.... (answered by ikleyn)

Suppose you have $5300 deposited in an account with interest compounded weekly. After 5... (answered by ikleyn)

Suppose you have $3500 deposited in an account with interest compounded weekly. After 5... (answered by ikleyn)

Felipe deposited $4000 into an account with 4.1% interest, compounded semiannually.... (answered by stanbon)

1. You have deposited $7,000 in an account that pays 6.25% interest compounded... (answered by KMST)

suppose you invest $1500 in an acount paying 4.75% annual interest. what is the account... (answered by solver91311)

John deposited $4000 into an account with 3.6% of interest compounded semiannually no... (answered by josgarithmetic)

John deposited $4000 into an account with three points of interest compounded... (answered by MathLover1,josmiceli,MathTherapy)