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

Solución

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

Solución

Rate : 1.32144 \dots %

Pasos de solución

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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