Question 165264
Let {{{r}}}= annual interest rate
At the end of the first year, there is {{{10000*(1 + r)}}}
in the account
At the beginning of the 2nd year, {{{10000*(1 + r) + 3500}}}
is in the account
At the end of the 2nd year, there is {{{13500*(1 + r)*(1 + r)}}}
in the account
{{{13500*(1+r)^2 = 15569.75}}}
{{{(1 + r)^2 = 1.1533}}}
{{{1 + r = 1.0739}}}
{{{r = .0739}}}
The annual interest rate is 7.4 %