A3 year bond costs $10,000 and will pay a total of $3,600 in interest over its lifetime. What is its annual interest rate r (as a percent)? %

Big Ideas Math A Bridge To Success Algebra 1: Student Edition 2015
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ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
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Chapter6: Exponential Functions And Sequences
Section6.2: Radical And Rational Exponents
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Compute the specified quantity.
A 3 year bond costs $10,000 and will pay a total of $3,600 in interest over its lifetime. What is its annual interest rate r (as a percent)? (Round your answer to three decimal places.)
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Transcribed Image Text:Compute the specified quantity. A 3 year bond costs $10,000 and will pay a total of $3,600 in interest over its lifetime. What is its annual interest rate r (as a percent)? (Round your answer to three decimal places.) Need Help? Read It Watch it
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