SOLUTION: At what interest rate (compounded annually) will a sum of $6000 grow to $8000 in 3 years? (Round your answer to two decimal places.)
Algebra.Com
Question 524749: At what interest rate (compounded annually) will a sum of $6000 grow to $8000 in 3 years? (Round your answer to two decimal places.)
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
i= (fv/pv)^(1/n) -1
fv= 8000
pv= 6000
n= 3
i=( 8000 / 6000 )^ 1 / n - 1
i= 1.33 ^ 1 / 3 - 1
i= 0.07
i= 7 %
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