SOLUTION: Use the formula A=P(l=r)t to find the rater r at which $3000 grows to $5247 in 4 years

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Question 442535: Use the formula A=P(l=r)t to find the rater r at which $3000 grows to $5247 in 4 years
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Use the formula A=P(l+r)t to find the rate r at which $3000
grows to $5247 in 4 years
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5247 = 3000*(1+r)^4
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1.749 = (1+r)^4
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(1+r) = 1.749^(1/4)
----
r = 1.1500 - 1
----
r = 0.15 = 15%
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Cheers,
Stan H.
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