Henry works at a restaurant. One of his best chefs has just called in sick minutes before the dinner rush, and Henry needs to ma
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Answer: 18.92%
Explanation:
The formula to find the compound amount :-
, where P is the Principal amount, r is the rate of interest and t is the time period.
Given : P= $1500
A = $6000
Time = 8 years
Then
i.e.
i
Taking natural log on both sides , we get