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jeka57 [31]
3 years ago
5

Becky Anderson must pay a lump sum of $6000 in 5 yr. If only $5000 is available to deposit right now, what annual interest rate

is necessary for the money to increase to $6000 in 5 yr?
Mathematics
2 answers:
omeli [17]3 years ago
7 0
I agree with him so he haves the answer correct
34kurt3 years ago
6 0

Hello!

Out equation is: A=P(1+\frac{r}{n} )^t^n

A= 6000

P=5000

N=1

T=5

R= What we are trying to find

This means we will have 6000=5000(1+r)^5

Divide both sides by 5000:

\frac{6000}{5000} = (1+r)^5

Move the power to the other side by rooting both sides:

\frac{6000}{5000} ^1^/^5 = 1+r

Subtract 1 from both sides:

\frac{6000}{5000} ^1^/^5 -1 = r

Now we just need to calculate: R = 0.03713728...

I don't know how many decimal places you can have, but I will round to 2. This will give you an Interest Rate of 3.71%.

I hope this helps! :)

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Step-by-step explanation:

Let assume that,

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Reason 1: Given

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Step-by-step explanation:

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