SOLUTION: Whats the annual interest rate, to the nearest 10th of a percent, for $1839 to grow to $25187 if the interest is compunded yearly for 38 years

SOLUTION: Whats the annual interest rate, to the nearest 10th of a percent, for $1839 to grow to $25187 if the interest is compunded yearly for 38 years

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Question 40125: Whats the annual interest rate, to the nearest 10th of a percent, for $1839 to grow to $25187 if the interest is compunded yearly for 38 years
Answer by Nate(3500) (Show Source): You can put this solution on YOUR website!
P(a) = a(1 + r)^t
25187 = 1839(1 + r)^38
(25187/1839)^(1/38) = (1 + r)
(25187/1839)^(1/38) - 1 = r
0.07129823 = r
About 7%
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