Max invests $6000 in a savings account for 3 years. the account pays compound interest at a rate of 1.5% per year for the first 2 years. The compound interest rate changes for the third year. At the end of 3 years, there is a total of $6311.16 in the account. Work out the compound interest rate for the third year.

2.1%

Step-by-step explanation:

The formula for compound interest is given as:

Given the Principal amount as $6000, and the rate in the first two years as 1.5%:

We compound for 1 year at rate i to obtain $6311.16:

Hence, the compound interest rate in the third year is 2.1%

2.1%

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

For the first 2 years

substitute in the formula above

Find the interest rate for the third year

we have

substitute

Convert to percentage

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