Compound interest rate formula
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You have deposited $2,200.00 in a bank account. What will its balance be after 4 years if the bank pays:
A. 3% annual interest compounded quarterly.
B. 2.25% annual interest compounded monthly.
C. 2% annual interest compounded daily.
Use the compound interest rate formula.
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Solution Preview
You have deposited $2,200.00 in a bank account. What will its balance be after 4 years if the bank pays:
A. 3% annual interest compounded quarterly.
B. 2.25% annual interest compounded monthly.
C. 2% annual interest ...
Solution Summary
The response provides the steps to compute the compound interest rate.
$2.49