SOLUTION: IF A= $2400, P= $2100, t=3, solve A=P(1+r)^t for r.

SOLUTION: IF A= $2400, P= $2100, t=3, solve A=P(1+r)^t for r.

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Question 735166: IF A= $2400, P= $2100, t=3, solve A=P(1+r)^t for r.
Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!
IF A= $2400, P= $2100, t=3, solve A=P(1+r)^t for r.
.
A=P(1+r)^t
plug in given values:
2400 = 2100(1+r)^3
2400/2100 = (1+r)^3
8/7 = (1+r)^3
(8/7)^(1/3) = 1+r
1.0455 - 1 = r
0.0455 = r
or
4.6% = r

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