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OpenStudy (anonymous):
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?
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OpenStudy (acxbox22):
is t a power?
OpenStudy (acxbox22):
11042=5000(1+r)^18
OpenStudy (anonymous):
yes t is a power
OpenStudy (acxbox22):
use the formula above to solve for r
OpenStudy (anonymous):
ok thanks
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OpenStudy (acxbox22):
np
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