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If 1000 dollar is deposited in a certain bank account and [#permalink]
28 Dec 2007, 03:56
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If 1000 dollar is deposited in a certain bank account and remains in the account alongo with any accumulated interest, the dollar amount of interest, I, earned by the deposit in the first n years is given by the formula I=1000[(1+r/100)^n - 1] where r percents is the annual inteerst rate paid by the bank. Is the annual interest rate paid by the bank greater than 8%?
1. the deposit earns a total of 210 dollar in interest in the first 2 years