Mathematics, 08.10.2019 20:30, Becky81

The amount of money in a bank account that is compounded yearly can be represented by the function a(y) = p(1 + r)y, where p is the amount initially deposited, r is the annual interest rate expressed as a decimal, and y is the number of years that have passed since the initial deposit. $2,700 was deposited 14 years ago into a bank account that is compounded yearly, and no additional deposits or withdrawals have been made. if the amount of money now in the bank account is $7,930.42, what is the annual interest rate?

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The amount of money in a bank account that is compounded yearly can be represented by the function a...