SOLUTION: Could someone please tell me if my answer is correct?
I have 13.9%
Question is The interest rate "r" to in crease your investemnt "p" to the amount "a" in "t" years is found br
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I have 13.9%
Question is The interest rate "r" to in crease your investemnt "p" to the amount "a" in "t" years is found br
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Question 545213: Could someone please tell me if my answer is correct?
I have 13.9%
Question is The interest rate "r" to in crease your investemnt "p" to the amount "a" in "t" years is found br "r" = index "t" (radicand a/p)-1. What interest rate would be required to increase your investment of $2700. to $3600. over three years? Thank you
You can put this solution on YOUR website! The interest rate "r" to in crease your investemnt "p" to the amount "a" in "t" years is found br "r" = index "t" (radicand a/p)-1. What interest rate would be required to increase your investment of $2700. to $3600. over three years?
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3600 = 2700*(1 + r)^3 (compounded annually, you didn't specify)
(1+r)^3 = 4/3
1+r =~ 1.10064
--> 10%
