Answer:
r = 0.046212737
Step-by-step explanation:
A = 14,400 (what your investment originally is)
P = 7,200 (what you want your investment to be)
n = 365 (interest is compounded daily)
t = 15 (15 years)
Plug all of these numbers into the equation, then solve for r
14,400 = 7,200(1 + r/365)^365 · 15
Divide 7,200 on both sides --> 2 = (1 + r/365)^365 · 15
365 · 15 = 5475 --> 2 = (1 + r/365)^5475
5475√(2) = 1 + r/365 (root 5475 both sides to cancel out the exponent)
(5475√(2)) - 1 = r/365 (subtract one from both sides)
((5475√(2)) - 1) · 365 = r (multiply both sides by 365 to isolate r)
Type the left side into the calculator to get r --> 0.046212737.
Hope this helps!
