SOLUTION: Find the annual intrest rate Principal=$5000 Balance=$15,399.30 Time=15 years Compounding=daily

Question 36556: Find the annual intrest rate
Principal=$5000
Balance=$15,399.30
Time=15 years
Compounding=daily
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Find the annual interest rate
Principal=$5000
Balance=$15,399.30
Time=15 years
Compounding=daily
A=P(1+r/n)^(nt)
15,399.30 = 5000(1+r/365)^(365(15))
3.07986 = (1+r/365)^(5475)
Take the log of both sides to get:
log3.07986 = 5475log(1+r/365)
8.92294019X10^-5= log(1+r/365)
Take the anti-log of both sides to get:
1.00020548=1+r/365
r/365=0.00020548
r=0.07499998
Annual rate is 7.5%
Cheers,
Stan H.

RELATED QUESTIONS
The simple intrest I on a principal of P dollars at an intrest rate R for time T in ten... (answered by 303795)

determine the final amount from the investment each situation intial amonut annual... (answered by checkley77)

find the annual intrest rate if an investment of $4000 earns $75 in intrest over 3... (answered by ewatrrr)

Help 1. When interest is added to the principal and interest is again... (answered by stanbon)

I have two questions: 1) $6,000 is invested in each of two accounts, both paying 7%... (answered by rfer)

Use the compound-interest formula to find the account balance A, where P... (answered by solver91311)

explain how to find the intrest rate when the simple interest is $360,the principal is... (answered by jim_thompson5910)

a principal of 5000 is invested at 3.5% intrest rate annually after 5 years how much... (answered by rfer)

Please help: A principal of 5000 was invested in a savings account for 4 years. If the... (answered by tutorcecilia)