Share
Explore BrainMass

What was the annual interest rate?

A business invests $10,000 in a savings account for two years. At the beginning of the second year, an additional $3500 is invested. At the end of the second year, the account balance is $15,569.75. What was the annual interest rate?

keywords: solving, solve, evaluate, evaluating, finding, find

Solution Preview

assume the interest is calculated annually.
At the end of the first ...

Solution Summary

Annual interest rate is found.

$2.19