A bank account has an initial deposit of $14,000. After 8 years, the bank account has $18,000. Assuming that compounding interest is done annually and that no
withdrawals are taken, find the annual interest rate on the investment. If the interest is compounded annually what is the approximate interest rate on the investment?

2.3%

Step-by-step explanation:

18000 = 15000( 1 + i)^8

Divide both sides by 15000

1.2 = (1 + i)^8

Take both sides to the 1/8 power

1.2^(1/8) = 1 + i

1.023051875220463 = 1 + i

Subtract 1 from both sides

i = 0.023051875220463

~ 2.3%

he will have 300 because he is really broke and 300 is in his imangine

step-by-step explanation: he ehe heh step by the thy