SOLUTION: f $350 grows into $500 in 3 years, what is the annual interest rate assuming that interest in compounded annually?
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Question 960779: f $350 grows into $500 in 3 years, what is the annual interest rate assuming that interest in compounded annually?
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Take the log of both sides
The annual interest rate is 12.62%
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check:
OK -error due to rounding off
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