For compound interest accounts, the amount A accumulated or due depends on the principle P, interest rate r, number of

Question

For compound interest accounts, the amount A accumulated or due depends on the principle P, interest rate r, number of compounding per year n, and the time t in years according to the formula A = P(1 + 2) ^n t. Find r given A = $90,000, P = $60,000, and t = 15 years with interest compounded monthly.

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