1. ## 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.

2. Originally Posted by Sherri7416
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