Homework answers / question archive /  Edmund deposited $2,000 twice in his bank account on 1st January 2011 and on 1st January 2014

 Edmund deposited $2,000 twice in his bank account on 1st January 2011 and on 1st January 2014

Finance

Share With

 Edmund deposited $2,000 twice in his bank account on 1st January 2011 and on 1st January 2014. If there were no other deposits or withdrawals and the amount of money in the account at the end of 319 Decemeber 2015 is $7,100, find the effective rate of interest that Edmund earned.