Question

When Katie was born her mother invested $5000 in an account for her college savings. We can use the formula V = 5000(1 + r)t where r represents the interest rate and t represents the time in years. If Katie has approximately $11,042 in her account after 18 years, what was the interest rate for the account?

Answer 1

is t a power?

Answer 2

11042=5000(1+r)^18

Answer 3

yes t is a power

Answer 4

use the formula above to solve for r

Answer 5

ok thanks

Answer 6

np