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Elwood invested $5,000 in a money market account and has been tracking its progress. He found that after 3 years, the account held $7,100 and after 8 years, the account held $10,350.
Use this information to complete the statements.
Over the first 3 years, the value of the account increased at _____
over the last 5 years. Over the entire 8 years, the value of the account increased at an average rate of approximately $____
annually.
Bot GPT 3.5
answered
Over the first 3 years, the value of the account increased at an average rate of approximately $700 annually.
Over the last 5 years, the value of the account increased at an average rate of approximately $470 annually.