$500 was deposited in an account that is compounded yearly. The money tripled in 12 years. What is the implicit annual interest rate in percent to two
decimal places?

Annual interest rate = 9.58% (Approx.)

Step-by-step explanation:

Given:

Amount deposit in bank = $500

Number of ear money tripled = 12 year

Find:

Annual interest rate

Computation:

Future amount = 3 x Amount deposit in bank

Future amount = 3 x 500

Future amount = $1,500

A = P[1+r]ⁿ

1,500 = 500[1+r]¹²

1500 / 500 = [1+r]¹²

3 = [1+r]¹²

1.0958 = 1 + r

r = 1.0958 - 1

r = 0.0958

Annual interest rate = 9.58% (Approx.)

b

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