SOLUTION: A principal of $5600.00 was deposited for 3years at compound interest. If the interest earned was $1200.00,find the interest rate per annum
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Question 1046800: A principal of $5600.00 was deposited for 3years at compound interest. If the interest earned was $1200.00,find the interest rate per annum
THANK YOU
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Let = the interest earned
given:
( I'm assuming this )
-------------------------------
The interest earned, is:
Take the log base 10 of both sides
the annual interest rate is 6.69%
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check my math & get a 2nd opinion
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