Question
I need a little help with this one i keep trying to solve it as these steps and I don't know what I am doing
I need a little help with this one i keep trying to solve it as these steps and I don't know what I am doing wrong
The first step 28,695 times (1.0914)^11
then with that answer, I will do ( the total ans from the first step = to (51763+(51763 times the years 3 ) (Second step ) and then I will divide the total from the ans from the first step and divided to the second step. Please let me know if this is right or no
4 year(s) ago, Isaac invested 28,695 dollars. He has earned and will earn 9.14 percent per year in compound interest. If Trang invests 51,763 dollars in 3 year(s) from today and earns simple interest, then how much simple interest per year must Trang earn to have the same amount of money in 7 years from today as Isaac will have in 7 years from today? Answer as a rate in decimal format so that 12.34% would be entered as .1234 and 0.98% would be entered as .0098.
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