SOLUTION: When P dollars is invested at interest rate i, compound annually, for t years, the investment grows to A dollars, where A=P(1+i)^t. Find interest rate i if $80,000 grows to $92,610

SOLUTION: When P dollars is invested at interest rate i, compound annually, for t years, the investment grows to A dollars, where A=P(1+i)^t. Find interest rate i if $80,000 grows to $92,610

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Question 458894: When P dollars is invested at interest rate i, compound annually, for t years, the investment grows to A dollars, where A=P(1+i)^t. Find interest rate i if $80,000 grows to $92,610 in three years.
the interest rate _____% (round to nearest hundredth)
Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
92610=80000(1+x)^3
x=.05
5% interest

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