Mathematics, 25.06.2021 15:20 adahlove
Use the following formula for compound interest. If P dollars is invested at an annual interest rate r (expressed as a decimal) compounded n times yearly, the amount A after t years is given by
A= P(1+ r/n)^nt
Required:
What rate of interest is required so that $1000 will yield $1900 after 5 years if the interest rate is compounded monthly?
Answers: 2
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