3 years ago

Samuel is going to invest $1,700 and leave it in an account for 16 years. Assuming the

Mathematics

2 answers:

Ksivusya [100]3 years ago

5 0

Answer: 3.8%

Step-by-step explanation:

ozzi3 years ago

3 0

Answer:

Step-by-step explanation:

Given data

principal= $1,700

time= 16 years

final amount= $3,100

Applying the compound interest formula we have

r = (A/P)^1/t - 1

substitute

r=3100/1700^1/16-1

r=1.82^0.0625-1

r=1.038-1

r=0.038

Hence the rate is 0.038*100

=3.8

=4%

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