Find annual interest rate on certificate of deposit


Deposit of $2500 in the mutual fund reaches the balance of $3052.49 after five years. What annual interest rate on the certificate of deposit compounded monthly would yield the equivalent return? Use A=P(1+ r/n)^(nt).

Request for Solution File

Ask an Expert for Answer!!
Mathematics: Find annual interest rate on certificate of deposit
Reference No:- TGS0860049

Expected delivery within 24 Hours