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A savings account starts with $181.25. After 7 years of continuous compounding at an interest rate, r, the account has $1450.
What is the interest rate percentage?
Round the answer to the nearest hundredth
Enter your answer in the box.

Respuesta :

Answer:

29.71%

Step-by-step explanation:

ajinems

The interest rate of the savings account is = 114.3%

Calculation of interest rate percentage of an account

The start up or principal amount (P) = $181.25

Simple interest after 7 years (SI) = $1450

Time or duration (T) = 7 years

To calculate the rate percentage of interest;

R = SI × 100/P×T

R = 1450 × 100/ 181.25 × 7

R = 145000/1268.75

R = 114.3%

Therefore, the interest rate percentage of the savings account is = 114.3%

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