How to calculate compound interest find rate compunded k n times a year algebra 2 al2 U4L7

PRESS TO DOWNLOAD:

— Handwritten subtitles — Generated subtitles

Start Reading:

good day students welcome to mathgotserved com in this clip we going to be going over how to find the rate in a compound interest calculation now let consider the following problem Maria invests 5112 dollars in a savings account with a fixed annual interest rate that is compounded quarterly after six years the balance in our account is six thousand four hundred ninety dollars and eighty eight cents question what is an interest rate on the account of the account okay all right so let start by identifying what we know and once in this problem so what do we know in this problem what are the given values we know that the starting amount also known as the principal is five thousand twelve dollars so let write that down the starting amount which is the principal P is five one one two what else do we know we know the balance or the final amount okay the final amount of six thousand forty six thousand four hundred ninety dollars and eighty eight cents so the final amount or balance we going to call this a that is six thousand four ninety and eighty eight cents what the investment