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Mathematics, 27.12.2019 21:31 shawdyylinda

Claire deposited $2,500 into an account that accrues interest monthly. she made no additional deposits or withdrawals. after 2 years, claire had $2,762.35 in the account. what is the annual interest rate of the account?

compound interest formula: mc006-1.jpg

t = years since initial deposit
n = number of times compounded per year
r = annual interest rate (as a decimal)
p = initial (principal) investment
v(t) = value of investment after t years

5%
11%
26%
31%

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Answers: 2

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