Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(1b) if a savings account has an unknown annual rate, but is compounded monthly and if a deposit of $8,668.23 will be worth $10.447.86 in

image text in transcribed

(1b) if a savings account has an unknown annual rate, but is compounded monthly and if a deposit of $8,668.23 will be worth $10.447.86 in 10 months, then what is the annual rate? {Write your answer in decimal form and round 4 decimal places.}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Corporate Finance Principles And Practice

Authors: Denzil Watson, Tony Head

1st Edition

0273630083, 978-0273630081

More Books

Students also viewed these Finance questions