A savings account starts with $231 25. After 8 years of continuous compounding at an
interest rate the account has $1850.
What is the interest rate percentage?
Round the answer to the nearest hundredth.
Enter your answer in the box

Answer:

87.5%

Step-by-step explanation:

Took the k12 math test

A savings account starts with $231 25. After 8 years of continuous compounding at an interest rate of 87.5% the account has $1850.

Compound interest is a method of calculating the interest charge. In other words, it is the addition of interest on interest.

Compound Interest = P(1+r/n)^rt

A savings account starts with $231 25. After 8 years of continuous compounding at an interest rate the account has $1850.

Compound Interest = P(1+r/n)^rt

[tex]\rm 1850 = 231 25 (1 + r/12)^{96}[/tex]

[tex]\rm 1850 = 231 25 (1 + r/12)^{96}\\\rm 1850 /231 25 = (1 + r/12)^{96}[/tex]

r = 87.5%

Thus, the interest rate percentage is 0.87 rate per year.

Learn more about interest;

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