Mr. Wilson bought gardening supplies for 79.75, not including tax. If the tax rate is 8%, what was the total cost of these garde
2 answers:
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Answer: 13.29%
Step-by-step explanation:
The formula to calculate the compound amount (compounded continuously) is given by :-
, where P is the principal amount , r is the rate of interest ( in decimal) and t is the time period.
Given : P= $ 35,000 , A= $257,000 and t=15 years
To find : r , we substitute all the values in the above formula , we get
Taking natural log on both the sides , we get
Hence, the annual interest rate = 13.29%