Lily is going to invest $750 and leave it in an account for 18 years. Assuming the interest is compounded daily, what interest rate, to the nearest tenth of a percent, would be required in order for Lily to end up with $1,180?

Lily is going to invest $750 and leave it in an account for 18 years. Assuming the interest is compounded daily, what interest rate, to the nearest tenth of a percent, would be required in order for Lily to end up with $1,180?

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter5: Inverse, Exponential, And Logarithmic Functions

Section: Chapter Questions

Problem 22T

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Question

Lily is going to invest $750 and leave it in an account for 18 years. Assuming the interest is compounded daily, what interest rate, to the nearest tenth of a percent, would be required in order for Lily to end up with $1,180?

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