A Person Deposits $50 in a Bank and in Two

question 146

Short Answer

A person deposits $50 in a bank and in two years it increases to $56.18.If the bank compounds interest annually,what annual rate of interest does it pay?

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Definitions:

Pfizer

A global pharmaceutical corporation known for developing and manufacturing a wide range of healthcare products including medicines and vaccines.

Adam Smith

An 18th-century Scottish economist and philosopher, best known for his theories on free market economies and the concept of "the invisible hand."

Public Interest

The welfare or well-being of the general public and society as a whole.

Paul Dolan

An academic and author known for his work on happiness, well-being, and public policy.