SOLUTION: At what rate percent will a sum of w 3,125 amount to w 3,645 in 2 years, if
the interest is compounded annually?
Algebra.Com
Question 951556: At what rate percent will a sum of w 3,125 amount to w 3,645 in 2 years, if
the interest is compounded annually?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
At what rate percent will a sum of w 3,125 amount to w 3,645 in 2 years, if
the interest is compounded annually?
=====
A(t) = P(1+(r/n))^(nt)
3645 = 3125(1+r/1))^(1*2)
----
(1+r)^2 = 1.1664
-----
1+r = 1.08
rate = 0.08 = 8%
-----------------
Cheers,
Stan H.
-------------
RELATED QUESTIONS
Find the rate at which a sum of money will double itself in 3 years , if the interest is... (answered by jorel555)
A sum of $25,000 is invested in a savings account which pays interest at a rate of 7... (answered by ikleyn,greenestamps)
At what interest rate (compounded annually) will a sum of $6000 grow to $8000 in 3 years? (answered by mananth)
5-1A. (Compound interest) To what amount will the following investments accumulate?
a.... (answered by solver91311)
The sum of PHP 26,000 was deposited in a fund earning interest at 8% per annum... (answered by ikleyn,MathTherapy)
What single sum of money paid at the end of 3 years will fairly discharge two debts, one... (answered by Theo)
When the amount of (p) is invested at annual interest rate (r) compounded for (t) years,... (answered by Boreal)
If a sum of 12000 doubles in 5 years at compound interest basis.Then what will be the... (answered by ankor@dixie-net.com)
Nate invests $3000 at a 6% interest rate for 3 years. If interest is compounded annually, (answered by rfer)