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  1. #1
    Sherri7416
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    Question Help Help

    if you have $7 now and $8.10 in 3 years, what is the effective interest rate?
    Any and all help in figuring this out would be greatly appreciated.
    I have been going crazy trying to figure out why this question has me so stomped.
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  2. #2
    GAMMA Mathematics
    colby2152's Avatar
    Joined
    Nov 2007
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    Alexandria, VA
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    Quote Originally Posted by Sherri7416 View Post
    if you have $7 now and $8.10 in 3 years, what is the effective interest rate?
    Any and all help in figuring this out would be greatly appreciated.
    I have been going crazy trying to figure out why this question has me so stomped.
    8.1=7(1+i)^3

    Solve for i
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