Suppose a bank wants to advertise that $2,000 deposited in its savings account will grow to $2060 in one year. This bank compounds interest 4 times per year. What annual interest rate must the bank pay? Round your answer to one decimal place.

Question

Quizplus · Accepted Answer

The Answer of Suppose a bank wants to advertise that $2,000 deposited in its savings account will grow to $2060 in one year. This bank compounds interest 4 times per year. What annual interest rate must the bank pay? Round your answer to one decimal place.

Suppose a Bank Wants to Advertise That $2,000 Deposited in Its