Question

What annual interest rate, to the nearest tenth, would be needed for $3500 to

Answer 1

Answer:

r ≈ 9.6%

Step-by-step explanation:

Simple Interest Rate Formula: A = P(1 + r)^t

Simply plug in our known variables a, p, and t and solve for r:

8780 = 3500(1 + r)¹⁰

8780/3500 = (1 + r)¹⁰

$\sqrt[10]{\frac{439}{175} }=1+r$

$r = \sqrt[10]{\frac{439}{175} }-1$

r = 0.096333

Convert r into %:

9.6%