SOLUTION: Suppose you have $8000 deposited in an account with interest compounded semiannually. After 8 years, the account has grown to $9300. What is the interest rate on this account?

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Question 1181331: Suppose you have $8000 deposited in an account with interest compounded semiannually. After 8 years, the account has grown to $9300. What is the interest rate on this account?
Answer by ikleyn(52788) About Me  (Show Source):
You can put this solution on YOUR website!
.

Go to the lesson
    - Problems on discretely compound accounts
in this site.

Find the full theory and TWINS solved problems to yours.

Consider them as your TEMPLATES.

Having these templates in front of you, solve your problem in the same way.


After reading this lesson, you will tackle such problems on your own without asking for help from outside.