Calculate the interest rate for an account that was compounded monthly, had an initial deposit of $5,500 and was worth $28,531 after 30 years. Round your answer to one decimal place. The interest rate is __ % .
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Step 1
Step 1: Start with the formula for compound interest: A = P(1 + r/n)^(nt), where: A = the amount of money accumulated after n years, including interest P = the principal amount (initial deposit) r = the annual interest rate (decimal) n = the number of times that Show more…
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