SOLUTION: 6. You deposit $1,500 in the bank today. After 5 years, you are able to withdraw $2,163.48. Assuming yearly compounding, what interest rate did you earn?

SOLUTION: 6. You deposit $1,500 in the bank today. After 5 years, you are able to withdraw $2,163.48. Assuming yearly compounding, what interest rate did you earn?

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Question 729318: 6. You deposit $1,500 in the bank today. After 5 years, you are able to withdraw $2,163.48. Assuming yearly compounding, what interest rate did you earn?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
2163.48/1500=1.44232
(5th rt 1.44232)-1=0.076
=7.6%
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