Find the interest rate needed for an investment of $7,000 to grow to $10,500 in 6 yr if interest is compounded monthly. (Round your answer to the nearest hundredth of a percentage point.)
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You are supposed to show some effort. Do you know the formula for the total amount after n month? If yes, what is your difficulty?
a = p (1+ r/m) ^mt ??
Yes, so , i.e., . By raising both sides to 1/72, you can find r.
idk how to take the log and find r...
do u want me to take 72th root of both sides?
if i take the 72th root of both sides then r = 0 ...?
if i take the 72th root of both sides then r = 0 ...? No, if , then .
ok i got it.. thanks the answer came out right.. r = 6.80 rounded
But the other problem i am not able to figure out and i have 1 more try left its the last one.. can you please help
Use logarithms to solve the equation for t.
iff and . iff iff iff or . iff .
SO T = 2ln((A-C)/BC)) right?
yessssssss its right!!! thankkkk kyouuuuu soo muchhhh i appreciate your help very muchhhhh
You are welcome.
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