Find the annual interest rate for account 3 to complete the table. The math process used to find the effective annual interest rate of account 4 has been modeled for you:
Account 4: Rewrite the base (b) of the expression:
(1.0000938) 3654
(1.0000938365)' (1.03483) = (1 + 0.03483)'.
The effective annual interest rate is approximately 3.483%.
B / U x' x,
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L
Account
b'
Annual Interest Rate
1
(1.035)
3.5%
2
(1.035317'
3,531%
3
4
(1.03483)
3.483%
I