+84 Misha deposited $3,725 into a savings account 22 years ago. The account has an interest rate of 2.2% and the balance is curently $6,012.37. How often does the interest compound?
+220 If I were you, I'd guess and check to find the right answer.
First, try it with a yearly interest rate. If you check this and it doesn't work, try different rates like monthly, once every six months, once every two years, etc.
I'm sorry, but I personally don't know of an easier way to do this problem.
+37146 6012.37 = 3725 (1 + i/n)^n To solve this you will have to either try and try again as guest has suggested.....or graph it or go to Wolfram alpha....
I graphed it to find n = 1 time per year
WolframAlpha returned the same value n= 1 times/yr
