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jeanne's bank account earns interest annually. The equation below shows her starting balance of $400 and her balance at the end of five years, $535,29. At what rate r did Jeanne earn interest?

Respuesta :

sqdancefan

Answer:

  6%

Step-by-step explanation:

Perhaps "the equation below" looks like this:

  535.29 = 400(1 +r)^5

Solving for r, we have ...

  535.29/400 = (1 +r)^5 . . . . . . divide by 4200

  1.338225^(1/5) = 1 +r . . . . . . . take the 5th root

  1.0599999085 -1 = r ≈ 0.0600 . . . . . subtract 1

Jeanne's bank account earned interest at an annual rate of 6%.

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