Amanda put $1500 in a savings account. After 5 years, she had $1833 in the account. What rate of interest did she earn? Use the formula A=Pe^rt, where A is the ending amount, p is the principle (initial amount), r is the interest rate, and t is time

Question

Bradyn Mckenzie

Mathematics

29 June, 18:33

Amanda put $1500 in a savings account. After 5 years, she had $1833 in the account. What rate of interest did she earn? Use the formula A=Pe^rt, where A is the ending amount, p is the principle (initial amount), r is the interest rate, and t is time

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Answers (2)

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Emilio Curtis · Answer 1

4%, That is the correct answer on Apex

Tyson · Answer 2

A=Pe^rt

where:

A=amount

P=principle

t=time

r=rate

Plugging our values in the equation and solving for r we obtain:

1833=1500e^ (5r)

solving for r we get:

r=0.0401

Answer: r=0.0401