Alma invests $300 in an account that compounds interest annually. after 2 years, the balance of the account is $329.49. to the nearest tenth of a percent, what is the rate of interest on the account?

Invested amount (P) = $300.

Time in years (t) = 2 years.

Balance after 2 years (A) = $329.49.

Let us assume rate of interest = r % compounds annually.

We know, formula for compound interest

Plugging values in formula, we get

Taking square root on both sides, we get

r=0.048.

Converting it into percentage by multiplying by 100.

r=0.048 × 100

r  = 4.8 %

Therefore, the rate of interest on the account is 4.8% compounds annually.

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