Question

If an investment of $2500 grows to $3255.65 in six years with interest compounded annually, what is the interest rate? (Round your answer to one decimal place.)

Answer 1

Ive done probs like this except they give me the rate and dont give me the final $... How would I do this?

Answer 2

You're still stuck on these?

Answer 3

this ones different lol

Answer 4

i get that you have to plug the #s in the formula but this one doesnt give you the rate from the get go

Answer 5

p(1+r/n)^nt

Answer 6

you there?

Answer 7

I am here

Answer 8

can u help?

Answer 9

You have to find the rate

Answer 10

Solve the given equation for r first. Then plug in everything

Answer 11

Then simplify

Answer 12

there is no given equation

Answer 13

Yes there is. Says "compounded annually". There's a formula for that

Answer 14

i know. i posted it above.

Answer 15

could u start me off

Answer 16

at least

Answer 17

if an investment of $2500 grows to $3255.65 in six years with interest compounded annually, what is the interest rate? (Round your answer to one decimal place.)

Answer 18

solve
\[3255.56=2500(1+r)^6\] for r

Answer 19

divide by 2500, take the sixth root, subtract 1. need a calculator

Answer 20

t = 6, not 12

Answer 21

i get 1.0449 so interest is
\[r=0.0449=4.49\%\]

Answer 22

hmm i didnt get that

Answer 23

i got 3.87...

Answer 24

i divivided3255.56 by 2500 and got 1.302224 then took the 6th root and got 4.876566723 and then subtracted 1 and got 3.876566723

Answer 25

what am i doing wrong here

Answer 26

hero? satellite?

Answer 27

3255.56=2500(1+r)^6
First dived through by 2500
3255.56/2500=(1+r)^6
3255.56/2500=1.302224
So 1.302224=(1+r)^6
You have to take the sixth root now: \sqrt[6]{1.302224?}=\[1.0449952^6=1.302224\
because 1.0449952^6=1.302224
1.0449952=1+r
so r=0.0449952
or 4.5% round up a tiny bit

Answer 28

Sorry that equation did not want to show properly
\[\sqrt[6]{1.302224?}=1.0449952^6=1.302224\]

Answer 29

Anyway the sixth root is =1.045

Answer 30

Sorry had a few beers with my friends :D

Answer 31

haha i want one!

Answer 32

my flatmate is getting some more I guess

Answer 33

maybe not, he is gone for some time now....

Answer 34

haha he's drinking it all himself

Answer 35

might be, found a nice girl and could not leave the shop :)

Answer 36

haha uh oh