For Compound Interest Accounts, the Amount a Accumulated or Due

Short Answer

For compound interest accounts, the amount A accumulated or due depends on the principal p, interest rate r, number of compoundings per year n, and the time t in years according to the formula . Find r given A = $5462.11, p = $2950, and t = 4 years with interest compounded monthly. Round your answer to the nearest tenth of a percent.