A few days ago
College Algebra Word Problem!!!!?
Solve the problem.
Find the required annual interest rate, to the nearest tenth of a percent, for $898 to grow to $1511 if interest is compounded monthly for 2 years.
Top 1 Answers
A few days ago
Favorite Answer
The Equation is 898 * (1 + z)^24 = 1511
where z is the interest per month.
z = [ (1511/898) ^ (1/24) ] – 1
( “^(1/24” is more usually known as the 24th-root of …)
z = 0,0219…
So the answer is 2,2%.
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