zoey opened a savings account four years ago with a deposit of $935.15. the interest on the account compounds monthly. if zoey's current account balance is $1,128.16, what is the interest rate on the account? (2 points) 0.4% 4.7% 14.2% 18.9%

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20-12-2022
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zoey opened a savings account four years ago with a deposit of $935.15. the interest on the account compounds monthly. if zoey's current account balance is $1,128.16, what is the interest rate on the account? (2 points) 0.4% 4.7% 14.2% 18.9%

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-12-23T12:10:44+01:00

Zoey opened a savings account four years ago with a deposit of $935.15. the interest on the account compounds monthly.the interest rate on the account is 4.7% Option B

What is the interest rate on the account?

Generally, To solve this problem, you can use the formula for compound interest:

A = P * (1 + r/n)^(nt)

Where:

A is the final amount (including principal and interest) P is the principal (initial amount deposited) r is the interest rate n is the number of times per year that the interest compounds t is the number of years

You can rearrange this formula to solve for r:

r = n * (A/P)^(1/nt) - 1

Plugging in the known values, you get:

r = 12 * (1128.16/935.15)^(1/48) - 1

Solving this equation, you find that the interest rate is approximately 4.7%. So the answer is 4.7%.