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Nonamiya [84]
2 years ago
6

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?
History
2 answers:
swat322 years ago
6 0
An interest rate of 12 percent is required.
NikAS [45]2 years ago
4 0

The formula for annual compound interest is:

A = P (1 + r/n)ⁿˣ

Where:

A = Future value

P = The principal investment amount

r = The annual interest rate

n = The number of times that interest is compounded per year

x = The number of years


A = $6,000

P = $3,000

r = ?

n = 1 times

x = 6 years.


6000 = 3000 × (1 + r)⁶


6000/3000 = (1 + r)⁶


2 = (1 + r)⁶


Taking 6th root on both sides.


1.12 = 1 + r


r = 1.12 - 1


r = 0.12


r = 12%

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