$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!
Hello, civiliam!
You're expected to know the compound interest formula: .$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: .