Multiple Choice
Suppose a deposit of $3,500 in a savings account that paid an annual interest rate (compounded yearly) is worth $3,977 after 2 years. Using the formula
, we have
Solve for r to find the annual interest rate. Round the answer to the nearest tenth.
A)
B)
C)
D)
E)
Correct Answer:

Verified
Correct Answer:
Verified
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