Using the formula for compounded interest, it is found that an interest rate of 1.56% would be required.
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The compound interest formula is given by:
- A(t) is the amount of money after t years.
- P is the principal(the initial sum of money).
- r is the interest rate(as a decimal value).
- n is the number of times that interest is compounded per year.
- t is the time in years for which the money is invested or borrowed.
- Invest $11,000, thus
- 16 years, thus
- End up with $14,000, thus
- Compounded monthly, thus .
An interest rate of 1.56% would be required.
A similar problem is given at brainly.com/question/23781391
Answer:
55
Step-by-step explanation:
IHG = 123
IHS = x + 65
SHG = x + 78
IHG = IHS + SHG
123 = x + 65 + x + 78
123 = 2x + 143
123 - 143 = 2x
-20 = 2x
-10 = x
IHS = x + 65
IHS = - 10 + 65
IHS = 55