An account earns simple interest. Find the annual interest rate.
1 answer:
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In order to solve this problem, you need to use a geometric series:
where:
a₁ = first term of the series = 36000
r = common rate = 10% raise, therefore 1.10
n = number of terms = 5
Therefore,
<span>
= 219783.60 $
Luke's total earnings in five years are <span>219783.60 $.</span>
</span>
where:
a₁ = first term of the series = 36000
r = common rate = 10% raise, therefore 1.10
n = number of terms = 5
Therefore,
<span>
= 219783.60 $
Luke's total earnings in five years are <span>219783.60 $.</span>
</span>