SOLUTION: Matthew received $765 interest over 4 years when he invested $3800 in an account paying compound interest with monthly rests. What interest rate was paid?

SOLUTION: Matthew received $765 interest over 4 years when he invested $3800 in an account paying compound interest with monthly rests. What interest rate was paid?

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Question 1153405: Matthew received $765 interest over 4 years when he invested $3800 in an account paying compound interest with monthly rests. What interest rate was paid?
Answer by josgarithmetic(39630) (Show Source): You can put this solution on YOUR website!
4 years holds 48 monthly compounding periods.
r, monthly interest rate, as a decimal

Total balance,
Total balance ,

------solve.
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