Question
dollars in principal grows to
dollars after
years with annual interest, then the interest rate is given by
.
Part:
Part 1 of 3
(a) In one account,
grows to
after 6 yr. Compute the interest rate. Round your answer to a tenth of a percent.
The interest rate is approximately
%.
(a) In one account,
Ask by May Paul. in the United States
Dec 02,2024
Upstudy AI Solution
Tutor-Verified Answer
Answer
8.5%
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Mind Expander
To find the interest rate
using the given formula, we can start by plugging in the values for
,
, and
:
Now applying the formula:
Calculating
:
Next, we calculate
:
Using a calculator, we find:
Now, substituting back into the formula for
:
Convert this decimal into a percentage:
Rounded to a tenth of a percent, the interest rate is approximately
.