An engineer deposits $900 each month into a retirement account. After 30 years, the balance in the account is $1.7 million. Determine the effective annual rate of return for this account.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 69SGR
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Question
An engineer deposits $900 each month
into a retirement account. After 30 years,
the balance in the account is $1.7 million.
Determine the effective annual rate of
return for this account.
Transcribed Image Text:An engineer deposits $900 each month into a retirement account. After 30 years, the balance in the account is $1.7 million. Determine the effective annual rate of return for this account.
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