Mathematics, 05.05.2020 04:24 briyuna15
When Rahul began 7th grade, he put his savings of $3,000 in an account that compounded interest annually. He hoped to have $6,000 by the time he graduates high school in six years. What interest rate is required for him to reach his goal?
An interest rate of
% is required.
Answers: 3
![r=n[(\frac{A}{P})^{1/nt}-1]](/tpl/images/0632/9693/cf635.png)
![r=1[(\frac{6,000}{3,000})^{1/(1)(6)}-1]](/tpl/images/0632/9693/d23b3.png)
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When Rahul began 7th grade, he put his savings of $3,000 in an account that compounded interest annu...
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