Question

A = $5750 P = $5000 t = 2 years Find the rate %

Answer 1

Answer:

Step-by-step explanation:

   A = P (1 + rate)^t     is the annual compund interest formula  

                                        ( look it uo to double check me)

solve the formual for rate

   A/P  = [P (1 + rate)^t] / P

   A/P = (1 + rate)^t

 

  (A/P)^1/t  =  (1 + rate)

  [(A/P)^1/t] -1  =  (1 + rate) -1        the power (x)^1/t   is the same  t radical (x)

  [(A/P)^1/t] -1  =  rate                               (example  25^(1/2)  = √25    both = 5)

   rate = [(5750/5000)^(1/2)  - 1

          = [√(5740/5000)]  - 1

          = 0.07238

but

     the rate%  =  rate times 100

                      = (0.07238)(100)

                      =  7.238%                  < ----------------  my Final Answer

                                                                Please check my algabra and math