lailabirdiemae
24.07.2021 •
Mathematics
Becky Anderson must pay a lump sum of $6000 in 5 yr. If only $5000 is available to deposit right now, what annual interest rate is necessary for the money to increase to $6000 in 5 yr?
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Ответ:
Hello!
Out equation is:
A= 6000
P=5000
N=1
T=5
R= What we are trying to find
This means we will have
Divide both sides by 5000:
Move the power to the other side by rooting both sides:
Subtract 1 from both sides:
Now we just need to calculate: R = 0.03713728...
I don't know how many decimal places you can have, but I will round to 2. This will give you an Interest Rate of 3.71%.
I hope this helps! :)
Ответ:
.
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