poppybunny72 poppybunny72

15-11-2020
Mathematics

contestada

Dina invests £450 in a savings account with annual compound interest.

After five years, there is £534.46 in the account.

What interest rate has she been receiving?

Respuesta :

15-11-2020

Answer:

3.3%

Step-by-step explanation:

compound interest: A = Pe^(rt)

A = 534.46

P = 450

t = 5

534.46/450 = e^(5r)

e^(5r) = 1.18

lne^(5r) = ln 1.18

(5r)lne = ln1.18

ln1.18 = 5r

5r = 0.165

r = 0.033

or 3.3%

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