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1 answer:
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After 5 years Lily has $750+$225 = $975
The equation for interest rate looks like:
750 * x^5 = 975
x^5 = 975/750
x^5 = 1.3
x =![\sqrt[5]{1.3}](https://tex.z-dn.net/?f=%20%5Csqrt%5B5%5D%7B1.3%7D%20)
x = 1,0538
That means that interest rate is approximately 5,5% (B)
The reason for this calculation is because each year you multiply your money with interest rate and add that to your starting money.
After one year you will earn
750 + 750 * interest rate = money after 1 year.
After 5 years we multiply 5 times so our interest rate is x^5 and money after 5 years is 750 + 225.
The equation for interest rate looks like:
750 * x^5 = 975
x^5 = 975/750
x^5 = 1.3
x =
x = 1,0538
That means that interest rate is approximately 5,5% (B)
The reason for this calculation is because each year you multiply your money with interest rate and add that to your starting money.
After one year you will earn
750 + 750 * interest rate = money after 1 year.
After 5 years we multiply 5 times so our interest rate is x^5 and money after 5 years is 750 + 225.