3
QuizMultiple Choice

Modeling with Exponential and Logarithmic Equations

Question 3 • PBCSD_Grade_Forgiveness_1200330_Algebra 2_S2_2024

Claire deposited $2,500 into an account that accrues interest monthly. She made no additional deposits or withdrawals. After 2 years, Claire had $2,762.35 in the account. What is the annual interest rate of the account?Compound interest formula:t = years since initial depositn = number of times compounded per yearr = annual interest rate (as a decimal)P = initial (principal) investmentV(t) = value of investment after t years

Question illustration
Answer
A
5%
B
11%
C
26%
D
31%
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Claire deposited $2,500 into an account that…