2 years ago

Work out 1/2×7 write your answer mixed

Mathematics

1 answer:

Virty [35]2 years ago

6 0

Answer:

1/2 x 7= 3.5

Step-by-step explanation:

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If an investment of $3000 grows to $4432.37 in eight years with interest compounded annually , what is the interest rate?

melamori03 [73]

$\bf \qquad \textit{Compound Interest Earned Amount}
\\\\
A=P\left(1+\frac{r}{n}\right)^{nt}
\quad 
\begin{cases}
A=\textit{accumulated amount}\to &\$4432.37\\
P=\textit{original amount deposited}\to &\$3000\\
r=rate\to r\%\to \frac{r}{100}\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{annually, thus once}
\end{array}\to &1\\
t=years\to &8
\end{cases}$

$\bf 4432.37=3000\left(1+\frac{r}{1}\right)^{1\cdot 8}\implies \cfrac{4432.37}{3000}=(1+r)^8
\\\\\\
\sqrt[8]{\cfrac{4432.37}{3000}}=1+r\implies \sqrt[8]{\cfrac{4432.37}{3000}}-1=r
\\\\\\
0.0500001086\approx r\qquad\qquad\cfrac{r\%}{100}\approx 0.0500001086
\\\\\\
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3 years ago

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Work out 1/2×7 write your answer mixed​

Work out 1/2×7 write your answer mixed