(a) If a $10,000 investment grows to $11,236 after 2 yr, find the Interest rate. The interest rate is %! Part 2 of 3 (b) If a $7000 investment grows to $8316.70 after 2 yr, find the interest rate The interest rate is %.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 60SE: The formula for the amount A in an investmentaccount with a nominal interest rate r at any timet is...
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The amount of money A in an account with an Interest rate r compounded annually Is glven by
A=P(1+r)'
where P is the initlal principal and t is the number of years the money Is Invested.
Part 1 of 3
(a) If a $10,000 investment grows to $11,236 after 2 yr, find the interest rate.
The interest rate is
Part 2 of 3
(b) If a $7000 investment grows to $8316.70 after 2 yr, find the Interest rate.
The interest rate is
%.
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Transcribed Image Text:The amount of money A in an account with an Interest rate r compounded annually Is glven by A=P(1+r)' where P is the initlal principal and t is the number of years the money Is Invested. Part 1 of 3 (a) If a $10,000 investment grows to $11,236 after 2 yr, find the interest rate. The interest rate is Part 2 of 3 (b) If a $7000 investment grows to $8316.70 after 2 yr, find the Interest rate. The interest rate is %. Save For Later Check 2021 McGraw-Hill Education AlL Rights Resenved Terms of Use
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