SOLUTION: 2. A business invests $10,000 in a savings account for two years. At the beginning of the second year, an additional $3500 is invested. At the end of the second year, the account
Algebra.Com
Question 165264: 2. A business invests $10,000 in a savings account for two years. At the beginning of the second year, an additional $3500 is invested. At the end of the second year, the account balance is $15,569.75. What was the annual interest rate?
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Let = annual interest rate
At the end of the first year, there is
in the account
At the beginning of the 2nd year,
is in the account
At the end of the 2nd year, there is
in the account
The annual interest rate is 7.4 %
RELATED QUESTIONS
can someone please help me solve this problem?
2. A business invests $10,000 in a... (answered by scott8148)
2. A business invests $10,000 in a savings account for two years. At the beginning of... (answered by jim_thompson5910)
Please Help with this one I have been trying to figure this out for a while.
A... (answered by scott8148)
Could anyone help me explain set-up of this equation:
A business invests $10,000 in a... (answered by vleith)
A business invests $10,000 in a savings account for two years. At the beginning of the... (answered by checkley71)
A business invests $10,000 in a savings account for two years. At the beginning of the... (answered by stanbon)
A business invests $10,000 in a savings account for two years. At the beginning of the... (answered by edjones)
please help me out with this problem
A business invests $10,000 in a savings account... (answered by Mathtut)
I really dont understand this problem can some pleas help me thank you
A business... (answered by Mathtut)