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1 answer:
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Answer:
Given that:
The equation for the future value of a deposit earning compound interest is equation:
.....[1]
where,
P = the initial deposit
t = years invested
r = rate at which interest is compounded annually
.
n = number of times the interest is compounded per year
As per the statement:
After 10 years, a $2,000-dollar investment compounded annually has grown to $3600.
⇒P = $2000 and V(t) = $3600
Substitute in [1] we have;
Divide both sides by 2000 we have;
Taking log base 10 both sides we have;
⇒
Divide both sides by 10 we have;
⇒
Simplify":
Subtract 1 from both sides we have;
or
r = 0.06 = 6%
Therefore, 6% is the interest rate to the nearest whole-number percent