A bank account has an initial deposit of $18,000. After 5 years, the bank account
1 answer:
Answer:
7.63%
Step-by-step explanation:
26000 = 18000 (x)⁵
Divide both sides by 18000
1.4444444444 = x⁵
Raise both sides to the (1/5) power
1.4444444444^(1/5) = x
1.0763169225 = x
interest = x - 1
interest = 0.0763169225
Appox interest rate = 7.63%
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