Answer :
The interest rate of the savings account is 6.2%
Compound interest
The formula for calculating the compound amount is expressed as
A = P(1+r/n)^nt
Given the following parameters
P = $3800
A = $4300
t =2 years
Required
Rate
Substitute
4300 = 3800(1+r/4)^4(2)
43/38= (1+r/4)^8
1.1316 = (1+r/4)^8
Take ln of both sides
ln(1.1316) = 8ln(1+r/4)
0.01545 = ln(1+r/4)
1 + r/4 = e^0.01545
1 + r/4 = 1.01557
r/4 = 0.01557
r = 6.2%
Hence the interest rate of the savings account is 6.2%
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