Interest Compounded Annually. When P dollars is invested at interest rate i, compounded annually, for t years,
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When P dollars is invested at interest rate i, compounded annually, for t years, the investment grows to A dollars, where
A = P(1 + i)t.
a) Find the interest rate i if $6250 grows to $6760 in 2 years.
b) Find the interest rate i if $1,000,000 grows to $1,215,506.25 in 4 years.
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Related Book For
College Algebra Graphs and Models
ISBN: 978-0321845405
5th edition
Authors: Marvin L. Bittinger, Judith A. Beecher, David J. Ellenbogen, Judith A. Penna
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