What is the product of 0.5 and 3.5
2 answers:
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Answer:
14.9%
Step-by-step explanation:
Using the compound interest formula;
A = P(1+r)^t
A is the amount = $2000
P is the principal = $1000
r is the rate
T is the time = 5 years
Substitute the given values into the formula;
2000 = 1000(1+r)^5
2000/1000 = (1+r)^5
2 = (1+r)^5
= 1 + r
r = 1.149 - 1
r = 0.149%
Hence the required rate is 14.9%