SOLUTION: A woman invests $3,000 in a mutual fund for which interest is compounded annually at a rate r. After one year, she deposits an additional $1,000. After two years, the balance A in

Question 1169383: A woman invests $3,000 in a mutual fund for which interest is compounded annually at a rate r. After one year, she deposits an additional $1,000. After two years, the balance A in the account is
A = $3,000(1 + r)2 + $1,000(1 + r).
If this amount is $4,654.30, find r.
r = ? %
Answer by Solver92311(821) (Show Source): You can put this solution on YOUR website!

Solve the quadratic for the positive root, then convert from a decimal to a percentage. Round appropriately.

John

My calculator said it, I believe it, that settles it

From
I > Ø

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