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andrew11 [14]
2 years ago
13

How to find compound rate from given values, 10 years after, and initial

Mathematics
1 answer:
dybincka [34]2 years ago
3 0

The formula that calculates the compound rate from the given values is r = n(-1 + \sqrt[10n]{\frac{P + I}{P}})

<h3>How to determine the compound interest rate?</h3>

The compound interest formula is:

I = P(1 + \frac rn)^{nt} - P

Where:

  • P represents the principal amount
  • r represents the compound interest rate
  • n represents the number of times the interest is compounded
  • t represents the time in years
  • I represents the interest

We start by adding P to both sides

P + I = P(1 + \frac rn)^{nt}

Divide through by P

\frac{P + I}{P} = (1 + \frac rn)^{nt}

Take the nt-th root of both sides

\sqrt[nt]{\frac{P + I}{P}} = 1 + \frac rn

Subtract 1 from both sides

-1 + \sqrt[nt]{\frac{P + I}{P}} = \frac rn

Multiply through by n

r = n(-1 + \sqrt[nt]{\frac{P + I}{P}})

In this case, t = 10

So, we have:

r = n(-1 + \sqrt[10n]{\frac{P + I}{P}})

Hence, the formula that calculates the compound rate is r = n(-1 + \sqrt[10n]{\frac{P + I}{P}})

Read more about compound interest at:

brainly.com/question/13155407

#SPJ1

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