Math Problem Statement

Elena invested $2300 in an account for 12 years.  The investment is now worth $8046.44.  What was the rate of interest as a percent

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Exponential Functions

Formulas

Compound Interest Formula: A = P(1 + r/n)^(nt)

Theorems

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Suitable Grade Level

Grades 9-12