For compound interest accounts, the amount A accumulated or due depends on the principal p, interest rate r, number of compoundings per year n, and the time t in years according to the formula . Find r given A = $5462.11, p = $2950, and t = 4 years with interest compounded monthly. Round your answer to the nearest tenth of a percent.

Question

For compound interest accounts, the amount A accumulated or due depends on the principal p, interest rate r, number of compoundings per year n, and the time t in years according to the formula  . Find r given A = $5462.11, p = $2950, and t = 4 years with interest compounded monthly. Round your answer to the nearest tenth of a percent.

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The Answer of For compound interest accounts, the amount A accumulated or due depends on the principal p, interest rate r, number of compoundings per year n, and the time t in years according to the formula  . Find r given A = $5462.11, p = $2950, and t = 4 years with interest compounded monthly. Round your answer to the nearest tenth of a percent.

For Compound Interest Accounts, the Amount a Accumulated or Due