alexmonreal181 alexmonreal181

03-02-2017
Mathematics

contestada

What is the interest rate if a principal of $602 earns $95.88in interest compounded annually in five years?

Respuesta :

Aliwohaish12 Aliwohaish12

03-02-2017

Future value= principal+interest
Fv=602+95.88=697.88 now the future value in known
To find r set the equation and solve for r
Fv=p(1+r)^n
697.88=602(1+r)^5
697.88/602=(1+r)^5
R=(697.88/602)^(1/5)]-1
R=2.99%

Answer Link

Otras preguntas

What is the meaning of zero in "3 miles below sea level" (we are doing integers)

2a=8 , a+b=2 use the substitution method to solve the linear system

why did the air with ice with ice move down?

The perimeter of the top of a desk is 54 inches. If the length of the desk is 15 inches, what is the width of the desk?

Which expression forms an equation with the given expression? 8 • 7 – 4 = ___________ (Points : 1) (2 + 9) • 2 10 • 3 – 6 9 • 5 + 7

1. In "In the Shadow of War", Omovo follows the soldiers and the women most likely because he (1 point) A. Yields to the curious whims of boys his age B. hopes

In the era of the French Revolution, France faced many of the same issues as those faced by the colonies in the American Revolution. Which problem affected both

What are 3 prime numbers that add up to 100

What are the 4 types of processes that cycle matter through the biosphere give examples?

You have 44 text messages in your inbox. Your inbox is 88% full. How many messages can your cell phone hold?