SOLUTION: THIS IS NOT A PROBLEM FROM A BOOK
Problem: A business invests $10,000 in a savings account for two years. At the beginning of the second year, an additional $3500 is invested. A
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Problem: A business invests $10,000 in a savings account for two years. At the beginning of the second year, an additional $3500 is invested. A
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Question 132593: THIS IS NOT A PROBLEM FROM A BOOK
Problem: 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?
I think that the interest rate is .0880745 through trial and error but I am unsure of how to solve this algebraically (or at least setting it up). The $10,000 has two years interest and the additional $3,500 accrues only one year interest.
Thanking in advance for any help on this. It is due today and I stayed up late last night trying to figure it out. Thanks again! Answer by scott8148(6628) (Show Source):
