Question

Select the correct answer from each drop-down menu.

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.

Answer 1

[AI-generated answer — Bot GPT 3.5]

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.