Question 350176: Us e the compound interest formula A=P(1+r)t and the given information to solve for. A=$9,000,000 P=$20,000 t=40
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Us e the compound interest formula A=P(1+r)t and the given information to solve for. A=$9,000,000 P=$20,000 t=40
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9000000 = 20,000(1+r)^t
450 = (1+r)^40
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1+r = 1.1650
r = 0.1650
r = 16.5%
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Cheers,
Stan H.
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