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If $1000 is deposited in a certain bank account and remains [#permalink]
07 Mar 2008, 11:47
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If $1000 is deposited in a certain bank account and remains in the account along 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 is the annual rate of interest paid by the bank. Is the annual interest rate paid by the bank is greater than 8 % ?
(1) The deposit earns a total of $210 in interest in the first two years. (2) (1+r/100)2 > 1.15
Last edited by marcodonzelli on 08 Mar 2008, 09:29, edited 1 time in total.