SOLUTION: What is the percent rate per annum if $5760 interest is paid when $12800 is invested for 6 years? Show working
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Question 941606: What is the percent rate per annum if $5760 interest is paid when $12800 is invested for 6 years? Show working
Answer by TimothyLamb(4379) (Show Source): You can put this solution on YOUR website!
compound-interest formula:
v = p( 1 + (r/n) )^(nt)
where:
v = final value
p = initial (principal) value
r = interest rate (as a decimal)
n = number of compounding periods per year
t = number of years
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5760 + 12800 = 12800*( 1 + (r/1) )^(1*6)
(5760 + 12800)/12800 = ( 1 + (r/1) )^6
( 1 + (r/1) )^6 = (5760 + 12800)/12800
( 1 + r )^6 = 1.45
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take the 6th root of both sides:
---
1 + r = (1.45)^(1/6)
1 + r = 1.06388495429
r = 1.06388495429 - 1
r = 0.06388495429
---
answer:
6.388495429 % per annum
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