$6000 is deposited into an account. It grows to $10000 in 8 years. What is the interest rate assuming an annual compound?

I'm not exactly sure what to do please help!

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- Nov 19th 2008, 08:53 AMciviliamInvestment Problem find rate
$6000 is deposited into an account. It grows to $10000 in 8 years. What is the interest rate assuming an annual compound?

I'm not exactly sure what to do please help! - Nov 19th 2008, 09:31 AMSoroban
Hello, civiliam!

Quote:

$6000 is deposited into an account. It grows to $10000 in 8 years.

What is the interest rate assuming an annual compound?

. . where: .

We are given: .

The equation becomes: .

Take the 8th root of both sides: .

Therefore: .

- Nov 19th 2008, 01:51 PMciviliam
life saver thanks so much