$5000 was invested in an account that paid compound interest monthly. After 10 years the balance in the account was $7642. At what interest rate was the money invested?
The interest rate was=4.25% compounded monthly. You calculate it as follows:
(7,642/5,000)^1/(120) =1.0035414... - 1 =0.0035414 this is the monthly nominal rate.
0.0035414 x 12 x 100 =4.25%
