Robert put $15,000 into an account with a fixed interest rate two years ago and now the account balance is $16,695.38. What rate of interest did Robert earn?
A)4.5 percent
B)5.5 percent
C)6.5 percent
D)8.0 percent

Question

Quizplus · Accepted Answer

The interest rate can be calculated using the formula for compound interest: A = P(1 + r)^t. Here, A = $16,695.38, P = $15,000, and t = 2 years. Solving for r gives approximately 5.5%.

Robert Put $15,000 into an Account with a Fixed Interest