Find the interest rate for $7000 deposit accumulating to 7606$, compounded annually for 9 years. The interest rate is %. (Do not round until the final answer. Then round to two decimal places as needed.)
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Step 1
Step 1: Use the formula A = P(1 + r)^n, where A is the final amount ($7606), P is the principal amount ($7000), r is the interest rate, and n is the number of years (9). Show more…
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