SOLUTION: Complete the table for a savings account subject to 360 compoundings yearly.
Formula
[A=P(1+r/n )^nt]
Amount Invested
$1100
Number of Compounding Periods
360
Annual
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-> SOLUTION: Complete the table for a savings account subject to 360 compoundings yearly.
Formula
[A=P(1+r/n )^nt]
Amount Invested
$1100
Number of Compounding Periods
360
Annual
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Question 1130821: Complete the table for a savings account subject to 360 compoundings yearly.
Formula
[A=P(1+r/n )^nt]
Amount Invested
$1100
Number of Compounding Periods
360
Annual Interest Rate
?
Accumulated Amount
$1600
Time t in years
3
Let A represent the accumulated amount, P the amount invested, n the number of compounding periods, r the annual interest rate, and t the time. Find the annual interest rate, r.
r=________%
(Do not round until the final answer. Then round to one decimal place as needed.)
