document.write( "Question 1161015: Jack needs $6000 in 6 years from today to buy a holiday. He invests $2800 today. Find the effective annual rate of interest that Jack needs to earn on this amount (as a %, 2 decimal places) in order to reach his goal. \n" ); document.write( "

Algebra.Com's Answer #784489 by ikleyn(52790) $\"\"$ $\"About$

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document.write( "6000 = \r\n" );
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document.write( " = \r\n" );
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document.write( "2.142857 = \r\n" );
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document.write( " = 1 + x\r\n" );
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document.write( "1.135444 = 1 + x\r\n" );
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document.write( "x = 0.135444   = 0.1354 (rounded) = 13.54%.    ANSWER\r\n" );
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document.write( "You may round it as you need.\r\n" );
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