A resident deposits money in a bank for 10 years. The annual interest rate for the first five years is 6%, and the annual interest rate for the next five years is 7%. If calculated based on compound i

A resident deposits money in a bank for 10 years. The annual interest rate for the first five years is 6%, and the annual interest rate for the next five years is 7%. If calculated based on compound interest, this is higher than the average interest rate of the deposit for 10 years.

The correct algorithm should be calculated using the geometric mean algorithm: "1.06 to the 5th power multiplied by 1.07 to the 5th power is equal to 1.87693, and then raised to the 10th power, we get 1.0649982, so the deposit has 10 years The average profit is 0.0649882, rounded to 6.5%