document.write( "Question 814586: $16000 is invested for 5 years at 8% compounded annually.
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Algebra.Com's Answer #490396 by ewatrrr(24785) $\"\"$ $\"About$

You can put this solution on YOUR website!

 
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document.write( "Hi,\r
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document.write( "$16000 is invested for 5 years at 8% compounded annually.  
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document.write( "In General 
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document.write( "A = Accumulated Amount
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document.write( "P= principal = 16000
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document.write( "r= annual rate = .08
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document.write( "n= periods per year = 1  (annually)
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document.write( "t= years =  5
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document.write( " = $23,509.25  0r  I = $7509.25
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document.write( "find the simple interest rate that should deliver 
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document.write( "the same overall interest at the end of the 5 years. 
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document.write( " I = Prt 0r  r = I/Pt =  $7509.25/5*16,000 = r 
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