Scott currently has an account balance of $2,147.39. he opened the account five years ago with a deposit of $1,852.10. if the interest compounds monthly, what is the interest rate on the account? (3 points) select one: a. 0.2% b. 10.5% c. 3.0% d. 5.9%

Option c - 3%

Step-by-step explanation:

Given : Scott currently has an account balance of $2,147.39. He opened the account five years ago with a deposit of $1,852.10.

To find : If the interest compounds monthly, what is the interest rate on the account?

Solution :  

The compound interest formula is

Where, A is the amount A=$2,147.39

P is the principal P=$1,852.10

t is the time t= 5 years

n is the number of time compounded n=12

r is the interest rate

Substitute all the values in the formula,

Taking ln both side,

Taking exponential both side,

Into percentage,

Approximately, The interest rate on the account is 3%.

Therefore, Option c is correct.

answer: are you

step-by-step explanation: