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Popular Word Problems >

Find the interest rate for an\$8000 deposit accumulating to\$8770, compounded annually for 7 years. The interest rate is-%

Solução

F in d t h e in t eres t r a t e f or an $8000 d e p os i t a cc u m u l a t in g t o $8770, co m p o u n d e d ann u a ll y f or 7 ye a rs . T h e in t eres t r a t e i s - %

Solução

Rate : 1.32144 \dots %

Passos da solução

Translate the problem into an equation:

8770 = 8000 (1 + \frac{r}{1})^{1 \cdot 7}

Resolver para

r, 8770 = 8000 (1 + \frac{r}{1})^{1 \cdot 7} : r = 1.32144 \dots %

Rate : 1.32144 \dots %

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