Math Question please help
1 answer:
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Answer:
Using the attached formula:
exp = log (total/principal) / n * years
exp = log (10,000 / 7,500) / 12 * 20
exp = log (1.3333333333) / 240
exp = 0.1249387366 / 240
exp = 0.000520578069166667
rate = (10^exp -1) * n
rate = (10^0.000520578069166667 -1) * n
rate = 1.00119939400018 -1 * n
rate = .00119939400018 * 12
rate = 0.014392728
OR rate = 1.4392728 % Compounded Monthly
OR rate = 1.448805264762% Compounded Annually
Step-by-step explanation:
