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?

Question

anonymous · Answer

how much money did u gain in the 8 years?

anonymous · Answer

idk

anonymous · Answer

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

uri · Answer

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

anonymous · Answer

in 8 years you gained $546.01

ganeshie8 · Answer

P = 2500
r = ?
t = 8
A = 3046.01


$A = P(1+r)^t$

ganeshie8 · Answer

plugin, solve $r$

anonymous · Answer

huh.

ganeshie8 · Answer

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