Mathematics, 22.07.2019 01:20, purplefish53
If an investment of $3000 grows to $4432.37 in eight years with interest compounded annually , what is the interest rate?
Answers: 1
![\bf 4432.37=3000\left(1+\frac{r}{1}\right)^{1\cdot 8}\implies \cfrac{4432.37}{3000}=(1+r)^8 \\\\\\ \sqrt[8]{\cfrac{4432.37}{3000}}=1+r\implies \sqrt[8]{\cfrac{4432.37}{3000}}-1=r \\\\\\ 0.0500001086\approx r\qquad\qquad\cfrac{r\%}{100}\approx 0.0500001086 \\\\\\ r\%\approx 100\cdot 0.0500001086\implies r=\stackrel{\%}{5}](/tpl/images/0117/7350/33eb6.png)
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If an investment of $3000 grows to $4432.37 in eight years with interest compounded annually , what...
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