Samuel is going to invest $4,900 and leave it in an account for 14 years. Assuming the interest is compounded monthly, what interest rate, to the nearest tenth of a percent,
would be required in order for Samuel to end up with $10,300?
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Submit Answer

0.054

Step-by-step explanation:

Using the compound formula A=P(1+r/n)^nt we can plug in the numbers we know. A being the total, P the initial amount, n is the number of compounds in a year, and t is the number of years passing. So 10300= 4900(1+ r/2)^2(14). We have to isolate r in order to find the rate. We can divide both sides by 4900, giving us 103/49= (1+ r/2)^28. Then we take the 28 square root from both sides. 1.02689= 1 + r/2. Subtract 1 from both sides. 0.02689= r/2. Then multiply both sides by two. r= 0.054.

step-by-step explanation:

ok so im not 100% sure but you would start by adding 5.1t and 1.9t beacuse they have the same variable. that is 7t.   then add -3.6 + 1.2 which is -2.4

so then keep that as -2.4 + 7t. i apologize if this is incorrect. best luck on your test < 3