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What rate of interest did mike earn on the deposit

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Problem 1. Janelle Carter deposited $9,580 in the bank on January 1, 2000, at an interest rate of 10% compounded annually. How much has accumulated in the account by January 1, 2017?

Problem 2. Mike Smith deposited $24,880 in the bank on January 1, 2007. On January 2, 2017, this deposit has accumulated to $48,943. Interest is compounded annually on the account. What rate of interest did Mike earn on the deposit?

 

Reference no: EM132828318

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