SOLUTION: 1.Joe gets back $5,000 for a one-time deposit of $3,200 made six years ago in a money market account. What yearly interest rate did he earn if compounding was annual?
A. i=6.72%
Algebra.Com
Question 978309: 1.Joe gets back $5,000 for a one-time deposit of $3,200 made six years ago in a money market account. What yearly interest rate did he earn if compounding was annual?
A. i=6.72%
B. i=7.72%
C. i=8.72%
D. i=9.72%
E. None of above.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
^6)
\ =\ \frac{\ln\left(\frac{5000}{3200}\right)}{6})
}{6}\right)}\ -\ 1)
Just do the arithmetic.
John
My calculator said it, I believe it, that settles it
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