SOLUTION: At what interest rate must $4300 be compounded annually to equal $7959.00 after 8 years? (round to the nearest percent).

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Question 882730: At what interest rate must $4300 be compounded annually to equal $7959.00 after 8 years? (round to the nearest percent).
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
In General A+=+P%281%2Br%2Fn%29%5E%28nt%29
A = Accumulated Amount = 7959
P= principal = 4300
r= annual rate = .
n= periods per year = 1 (annually)
t= years = 8
7959/4300 = %281%2Br%29%5E%288%29
root%288%2C+7959%2F4300%29+-+1+=+1.08+-+1+=+.08+=+r rate is 8%