Mathematics, 01.04.2020 07:54 nestergurl101
If you invest in P dollars and you want the investment to grow to A dollars in t years, the interest rate that must be earned if interest is compounded annually is given by the formula r = t√A/P − 1
If you invest $4000 and want to have $8500 in 8 years, what interest rate must be earned? Round to at least 1 decimal place.
Answers: 1
![r=\sqrt[12]{\dfrac{8500}{4000}}-1\approx 1.098803-1=9.88\%](/tpl/images/0575/1924/e1f59.png)
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