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castel invests $7178 in a savings account with monthly compounding. after 7 years, the balance reaches $12,543.00. What is the interest rate of the account?

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kaybae54
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crystal3603813

Answer:

r = 129.1 %

Step-by-step explanation:

Using the compounding formula:

A = P (1 + r/t)^nt

$12, 543 = $7178 (1 + r/12)^12(7)

-7178

$5365 = (1 + r/12)^84

[tex]\sqrt[84]{5365}[/tex] = [tex]\sqrt[84]{(1 +\frac{r}{12})^{84}}[/tex]

1.107642572 = 1 + r/12

(0.108 = r/12) (12)

r = 1.2917 = 129.1 %

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