SOLUTION: The interest rate r required to increase your investment p to the amount a in t years is found by Find the interest rate r for p = 2700, a = 6400, and t = 3. Round to the nearest
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Question 945551: The interest rate r required to increase your investment p to the amount a in t years is found by Find the interest rate r for p = 2700, a = 6400, and t = 3. Round to the nearest hundredth. Answer by nerdybill(7384) (Show Source):
You can put this solution on YOUR website! The interest rate r required to increase your investment p to the amount a in t years is found by Find the interest rate r for p = 2700, a = 6400, and t = 3. Round to the nearest hundredth.
.
Equation:
A = P(1 + rt)
plug in given information:
6400 = 2700(1 + r(3))
6400 = 2700(1 + r(3))
6400/2700 = (1 + 3r)
6400/2700 - 1 = 3r
(6400/2700 - 1)/3 = r
0.4567 = r
or
45.67% = r
