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kkurt [141]
3 years ago
12

Mr Tan invested $5000 in an endowment fund for

Mathematics
1 answer:
pochemuha3 years ago
8 0

Answer:

Compound Interest Formula Solved For Rate:

log (1 + rate) = {log(total) -log(Principal)} ÷ Years

log (1 + rate) = {log(5,800) -log(5,000)} ÷ 5

log (1 + rate) = [3.7634279936 -3.6989700043] / 5

log (1 + rate) = 0.0644579893  / 5

log (1 + rate) = 0.0128915979

Then we raise 10 to the power of 0.0128915979  which equals

1.0301289629  = 1 + rate

Therefore, rate = .0301289629  and we multiply by 100 to make a percentage:

3.01289629 %

Source: https://1728.org/compint2.htm

https://1728.org/compint.htm

Step-by-step explanation:

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Igoryamba

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<em>Hope </em><em>this </em><em>will </em><em>be</em><em> helpful</em><em> to</em><em> you</em><em> </em><em>.</em><em>.</em>

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