Respuesta :
The interest rate of the savings account is 8.22%
What is compound interest formula?
[tex]A= P(1+\frac{r}{n} )^{nt}[/tex]
where, A : Amount
P = Principal amount
r = Annual interest rate as a decimal
R = Annual interest rate as a percent
r = R/100
n = number of compounding periods per unit of time
t = time in decimal years
What is the formula to find the interest rate?
[tex]r=n[(\frac{A}{P} )^{\frac{1}{nt} }-1][/tex]
For given question,
the principal amount (P) = $7300
the amount (A) = $8600
period (t) = 2
n = 12 (since it's monthly compounding)
To find 'r'
Using the formula of rate of interest,
[tex]\Rightarrow r=n[(\frac{A}{P} )^{\frac{1}{nt} }-1]\\\\\Rightarrow r=12\times [(\frac{8600}{7300} )^{\frac{1}{12\times 2} }-1]\\\\\Rightarrow r=12\times [(1.18)^{\frac{1}{24} }-1]\\\\\Rightarrow \bold{r=0.0822}[/tex]
The rate of interest in percentage form,
[tex]\Rightarrow R=r\times 100\\\\\Rightarrow R=0.0822\times 100\\\\\Rightarrow \bold{R=8.22\%}[/tex]
Therefore, the interest rate of the savings account is 8.22%
Learn more about compound interest here:
https://brainly.com/question/14295570
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