Ned currently has an account balance of $3634.51 he open the account 13 years ago with the deposit of $2564.65 if the interest compound twice a year what is the interest rate on the account

r = 1.4%

Step-by-step explanation:

We are given that Ned has an account balance of $3634.51 and he opened the account 113 years ago with the deposit of $2564.65.

If the interest compound twice a year, we are to find the interest rate on the account.

We will use the following formula:

Substituting the given values in the above formula:

Taking 26th root on both sides to get:

r = 1.4%

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step-by-step explanation:

1. minimum

2. 6400

3. eight

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