Solution-Equivalent annual compound interest rate

Equivalent annual compound interest rate

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Reference no: EM131311849

Rosie deposits $17660.02 into an account that pays simple interest at a rate of 10.03%.

If Rosie withdraws all of the money from this account after 16 years, what is the equivalent annual compound interest rate for this investment assuming this rate compounds weekly? Your answer should be a percent rounded to the nearest 2 decimal places.

Reference no: EM131311849

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Equivalent annual compound interest rate

Reference no: EM131311849

Reference no: EM131311849

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