1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
skad [1K]
3 years ago
9

If an investment of $3000 grows to $4432.37 in eight years with interest compounded annually , what is the interest rate?

Mathematics
1 answer:
melamori03 [73]3 years ago
6 0
\bf \qquad \textit{Compound Interest Earned Amount}
\\\\
A=P\left(1+\frac{r}{n}\right)^{nt}
\quad 
\begin{cases}
A=\textit{accumulated amount}\to &\$4432.37\\
P=\textit{original amount deposited}\to &\$3000\\
r=rate\to r\%\to \frac{r}{100}\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{annually, thus once}
\end{array}\to &1\\
t=years\to &8
\end{cases}

\bf 4432.37=3000\left(1+\frac{r}{1}\right)^{1\cdot 8}\implies \cfrac{4432.37}{3000}=(1+r)^8
\\\\\\
\sqrt[8]{\cfrac{4432.37}{3000}}=1+r\implies \sqrt[8]{\cfrac{4432.37}{3000}}-1=r
\\\\\\
0.0500001086\approx r\qquad\qquad\cfrac{r\%}{100}\approx 0.0500001086
\\\\\\
r\%\approx 100\cdot 0.0500001086\implies r=\stackrel{\%}{5}
You might be interested in
331 students went on a field trip. Six buses
lions [1.4K]

Answer:

54 students in each bus

Step-by-step explanation:

first 331 - 7 = 324

then 324 divided by 6 = 54

6 0
2 years ago
Read 2 more answers
James wants to compete in the international speed texting competition next year where participants compete on text speed and acc
mario62 [17]

Answer:

A.2.5 B.3. C.3.5 D. 2+.5m=Cps(character per second)

Step-by-step explanation:

6 0
3 years ago
when Elena 's car moves forward such that each tire make one full rotation ,the car has traveled 72 inches .how many full rotati
Marat540 [252]
It will take 5 full rotations for Elena's car to travel ten yards

explanation: 10 yards=30 feet, and there are 12 inches in one foot. multiply 30 by 12. once you do that, you get 360. next, divide 360 by the 72 inches in each full rotation. 360/72=5. so the answer is 5 full rotations
6 0
2 years ago
Foot????????¿????????¿??????¿???????
Dafna1 [17]

Answer:

foot = 12 inches

Step-by-step explanation:

8 0
3 years ago
Triangle MNO is reflected over the x-axis and then translated up 4 and right 3. On a coordinate plane, triangle O M N has points
Schach [20]

Answer:

Option A. Translate the pre-image down 4 and right 3 and then reflect the figure over the x-axis

Step-by-step explanation:

8 0
3 years ago
Other questions:
  • Blake walked 7/8 Ora a mile in 1/5
    13·1 answer
  • Is a-b parallel to c-d? Explain
    8·1 answer
  • PLEASE HELP THIS IS QUICK 1ST AND CORRECT ANSWER WILL GET BRAINLIEST
    11·2 answers
  • What is the solution to -3/m is less than 21 help plz
    13·1 answer
  • Joel gave one fourth of his 236 postage stamps to his sister
    9·1 answer
  • Place least to greatest 4.5,3,9,4.25,3.75,4.2
    8·2 answers
  • Need help with this, thank you
    13·2 answers
  • Does anyone know this?
    15·1 answer
  • Question 10 of 10
    8·1 answer
  • Tom knows that in his school 10 out of every 85 students are left-handed.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!