I need help with this question, i am not exactly sure how to do it, help is veryy much appreciated
1 answer:
You might be interested in
Answer:
4%
Step-by-step explanation:
A = final amount
P = initial amount
r = interest rate per time period
n = number of times compounded per time period
t = number of time period
A = 3932.82
r = what we want to find
n = 2
t = 6
divide both sides by 3101 to isolate the exponent and its parts
put both sides to the power of (1/12) to help isolate the variable
subtract 1 from both sides to isolate the variable and its coefficient
multiply both sides by 2 to get r
r ≈ 0.04 = 4%
