Initial investment:$750
Annual rate:?
Time to double: 7 and 3/4 yrs
Amount after 10 yrs:?
Using the formula A=Pe^rt, find the annual rate, and amount after 10 years..
thanks so much!!! please explain!! ...?
1500 = 750 x e ^ (r x 7.75) - divide both sides by 750 2 = e ^ (r x 7.75) - take the natural log of both sides ln(2) = r x 7.75 .6931 = r x 7.75 - divide both sides by 7.75 .6931/7.75 = r .08943 = r 8.943% = r
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