document.write( "Question 523962: Norris currently has an account balance of $3,703.05. He opened the account 25 years ago with a deposit of $1,725.95. If the interest compounds monthly, what is the interest rate on the account? \n" ); document.write( "

Algebra.Com's Answer #347492 by Alan3354(69443) $\"\"$ $\"About$

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Norris currently has an account balance of $3,703.05. He opened the account 25 years ago with a deposit of $1,725.95. If the interest compounds monthly, what is the interest rate on the account?
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\n" ); document.write( "25 yr = 300 months
\n" ); document.write( "3703.05 = 1725.95*(1 + r)^300 r = monthly interest
\n" ); document.write( "(1 + r)^300 = 3703.05/1725.95
\n" ); document.write( " $\"1+%2B+r+=+root%28300%2C74061%2F34519%29\"$
\n" ); document.write( "1+r = 1.005446213
\n" ); document.write( "r = 0.5446213% per month
\n" ); document.write( "Int rate = r*12 = 6.535456% per year
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\n" ); document.write( "PS What does the word \"currently\" contribute?
\n" ); document.write( "Norris currently has an account balance of $3,703.05.
\n" ); document.write( "Norris has an account balance of $3,703.05.
\n" ); document.write( "It's, like, superfluous. \n" ); document.write( "

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