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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 %.

Ask by May Paul. in the United States
Dec 02,2024

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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 .

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\begin{tabular}{l|l}\multicolumn{1}{l}{ A variable that can't be accounted for is } & The author backs up the statement that the economy \\ can be unpredictable by pointing out that \\ a natural disaster such as a hurricane. As the & result of a hurricane, demand is guaranteed \\ to increase in a way that could not have been & (A) banking panics occur when confidence in the financial \\ system is strong. \\ predicted because the flow of goods into & (B) natural disasters can affect the demand for goods and \\ disrupt production. \\ impacted areas is blocked. If crops or power \\ facilities like oil refineries are damaged, then & C. customers are more willing to buy something when \\ interest rates are low. \\ demand is also affected. & (D) inflation occurs when prices for goods and services \\ decrease too quickly. \end{tabular}
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