Mark deposited 10,000.00 into a new savings account that earns interest compounded annually. After 10 years, the balance in the account was 21,947.00. What was the interest rate on the account?

Solución

Mark deposited 10, 000.00 into a new savings account that earns interest compounded annually. After 10 years, the balance in the account was 21, 947.00. What was the interest rate on the account?

Solución

Rate : 8.17764 \dots %

Pasos de solución

Translate the problem into an equation:

21947 = 10000 (1 + \frac{r}{1})^{1 \cdot 10}

Resolver para

r, 21947 = 10000 (1 + \frac{r}{1})^{1 \cdot 10} : r = 8.17764 \dots %

Rate : 8.17764 \dots %

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