Mathematics, 31.03.2021 23:40 zayo8468
Guided Practice
Suppose you have $500 to deposit into an account. Your goal is to have $595 in that account at the end of the second year. The formula r= A P −1 gives the interest rate r that will allow principal P to grow into amount A in two years, if the interest is compounded annually. Use the formula to find the interest rate you would need to meet your goal.
A.
8.4%
B.
19%
C.
9.1%
Answers: 3
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Suppose you have $500 to deposit into an account. Your goal is to have $595 in that...
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