Mathematics, 12.01.2020 14:31, rireneb
Sum of $1000 was invested for 4 years, and the interest was compounded semiannually. if this sum amounted to $1389.08 in the given time, what was the interest rate? round your answer to two decimal places.
Answers: 1
![\sqrt[8]{(1 + \frac{r}{2} ) ^{8}} = \sqrt[8]{1.389} \\ 1 + \frac{r}{2} =1.04 \\ \frac{r}{2} = 1.04-1 \\ \frac{r}{2} = 0.04 \\ r = 2*0.04 =0.08](/tpl/images/0451/8586/995b2.png)
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Sum of $1000 was invested for 4 years, and the interest was compounded semiannually. if this sum amo...
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