document.write( "Question 960779: f $350 grows into $500 in 3 years, what is the annual interest rate assuming that interest in compounded annually?
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Algebra.Com's Answer #587144 by josmiceli(19441) $\"\"$ $\"About$

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$\"+A+=+P%2A%28+1+%2B+r%2Fn+%29%5E%28+n%2At+%29+\"$
\n" ); document.write( " $\"+500+=+350%2A%28+1+%2B+r%2F1+%29%5E%28+1%2A3+%29+\"$
\n" ); document.write( " $\"+500+=+350%2A%28+1+%2B+r+%29%5E3+\"$
\n" ); document.write( " $\"+10+=+7%2A%28+1+%2B+r+%29%5E3+\"$
\n" ); document.write( "Take the log of both sides
\n" ); document.write( " $\"+log%28+10+%29+=+log%28+7+%29+%2B+log%28+1+%2B+r+%29%5E3+\"$
\n" ); document.write( " $\"+1+=+.8451+%2B+log%28+1+%2B+r+%29%5E3+\"$
\n" ); document.write( " $\"3%2A+log%28+1+%2B+r+%29++=+.1549+\"$
\n" ); document.write( " $\"+log%28+1+%2B+r+%29+=+.05163+\"$
\n" ); document.write( " $\"+1+%2B+r+=+10%5E.05163+\"$
\n" ); document.write( " $\"+1+%2B+r+=+1.1262+\"$
\n" ); document.write( " $\"+r+=+.1262+\"$
\n" ); document.write( "The annual interest rate is 12.62%
\n" ); document.write( "---------------
\n" ); document.write( "check:
\n" ); document.write( " $\"+10+=+7%2A%28+1+%2B+r+%29%5E3+\"$
\n" ); document.write( " $\"+10+=+7%2A%28+1+%2B+.1262+%29%5E3+\"$
\n" ); document.write( " $\"+10+=+7%2A1.1262%5E3+\"$
\n" ); document.write( " $\"+10+=+7%2A1.42853+\"$
\n" ); document.write( " $\"+10+=+9.99972+\"$
\n" ); document.write( "OK -error due to rounding off
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