Question

You invest $2,500 at an interest rate that is compounded annually. After 8 years, your principal has increased to $3,046.01. What percent is the interest rate?

Answer 1

how much money did u gain in the 8 years?

Answer 2

idk

Answer 3

sorry i gtg go. someone else may help you. gd luck

Answer 4

I think the formula of compounded annually will be used,and the we have to make the data.

Answer 5

in 8 years you gained $546.01

Answer 6

P = 2500
r = ?
t = 8
A = 3046.01


\(A = P(1+r)^t\)

Answer 7

plugin, solve \(r\)

Answer 8

huh.

Answer 9

breaking interest and principal is a painful method. just plug the given data directly into compound interest formula and solve the unknown