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
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-> 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
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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 %
