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olga nikolaevna [1]
3 years ago
11

When Rahul began 7th grade, he put his savings of $3,000 in an account that compounded interest annually. He hoped to have $6,00

0 by the time he graduates high school in six years. What interest rate is required for him to reach his goal?
 

An interest rate of
% is required.
Mathematics
1 answer:
DENIUS [597]3 years ago
7 0

Answer:

12%

Step-by-step explanation:

You are going to want to use a modified compound interest formula, as shown below. This version of the compound interest formula is what you use to solve for the interest rate.

r=n[(\frac{A}{P})^{1/nt}-1]

r = interest rate (decimal)

n = numbers of times compounded (annually)

A = total amount

P = principal amount

<em>t = time (years)</em>

Now, lets plug in the values:

r=1[(\frac{6,000}{3,000})^{1/(1)(6)}-1]

r=.12246

Next, multiply <em>r </em>by 100 to get our answer:

.12246(100)= 12.246

The last step is to round our answer to the nearest whole number:

12.246 -> 12

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