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John Banks invested $6,700 in a mutual fund containing bonds. Find the rate if he earned $335 in int...
5 months ago
Q:
John Banks invested $6,700 in a mutual fund containing bonds. Find the rate if he earned $335 in interest in 5 months.12%5.5%1%6%
Accepted Solution
A:
F(x)=a(c)^x
X=number of months
Y=his new amount with interests added
7035=6700(c)^5
C=1.0098
The rate is 1.0098