Find the interest rate r compounded monthly if the principal P = $4,300 reaches the future value F = $4,720 in t = 6 years. Roun
d your final answer to two decimal places.
1 answer:
Answer:
1.55%
Step-by-step explanation:
Fill in the values and solve for the rate using the future value formula.
FV = P(1 +r/n)^(nt)
4720 = 4300(1 +r/12)^(12·6)
(4720/4300)^(1/72) = 1 +r/12
r = 12(4720/4300)^(1/72) -1) ≈ 0.015542
The annual interest rate is about 1.55%.
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