SOLUTION: Kara plans to invest $7,500 into an account with the interest compounded monthly. According to the bank officer, her balance will be $10,325 after 10 years. How do you determine t

Question 917153: Kara plans to invest $7,500 into an account with the interest compounded monthly. According to the bank officer, her balance will be $10,325 after 10 years. How do you determine the interest rate for her account using the compound interest formula?
A=
P=
n=
t=
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!
In General
A = Accumulated Amount
P= principal =
r= annual rate = .
n= periods per year = 12
t= years = 10

= 1 + r/12
= r

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