SOLUTION: for $6000 to raise to $7000 over 7 years what would be the interest rate?

Question 880245: for $6000 to raise to $7000 over 7 years what would be the interest rate?

Answer by prabhjeet(2) (Show Source): You can put this solution on YOUR website!
---Solution;
given;

Principal(P)=$6000
Final Amount(A)=$7000
Time(T)=7 years
then,interest rate(R)=?
We know that; I=P*T*R/100
or, 1000=(6000*7*R) / 100 {because I=A-P}
or, 1000=(42000*R ) / 100
or, 100000=42000*R
or, 100000/42000=R
or, R=2.38
So,$6000 will raise to $7000 over 7 years at the interest rate of 2.38% p.a. #
RELATED QUESTIONS
if $6000 is deposited into an account and the interest rate is 9%/year. how much is in... (answered by Boreal)

Road Runner just bought stock in the new Acme bird feeder company. he invested $3000 and... (answered by stanbon)

The amount a person would need to deposit today to be able to withdraw $6000 each year... (answered by Fombitz)

Please help with this problem. the interest rate "r" required to increase your... (answered by lwsshak3)

If I borrowed $5000 and repaid $6000 over 10 years what interest rate am I... (answered by mananth)

How much should be invested each year for 10 years to provide you with $6000 per year for (answered by ikleyn)

if the principal is $2000 and the interest rate is 8% compounded monthly, how many years... (answered by Cabdiqafaar)

Calculate the amount of time it would take for a 7000 dollar investment to reach 1400... (answered by tommyt3rd,stanbon)

The principal represents an amount of money deposited in a savings account subject to... (answered by josgarithmetic)