SOLUTION: Matthew received $765 interest over 4 years when he invested $3800 in an account paying compound interest with monthly rests. What interest rate was paid?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Matthew received $765 interest over 4 years when he invested $3800 in an account paying compound interest with monthly rests. What interest rate was paid?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1153405: Matthew received $765 interest over 4 years when he invested $3800 in an account paying compound interest with monthly rests. What interest rate was paid?
Answer by josgarithmetic(39630) About Me  (Show Source):
You can put this solution on YOUR website!
4 years holds 48 monthly compounding periods.
r, monthly interest rate, as a decimal

Total balance, 3800%281%2Br%29%5E48
Total balance , 3800%2B765


3800%2B765=3800%281%2Br%29%5E48------solve.