A sum of $1000 was invested for 4 years, and the interest was compounded semiannually. If this sum amounted to $1461.77 in the given time, what was the interest rate? (Round your answer to two decimal places.)
A sum of $1000 was invested for 4 years, and the interest was compounded semiannually. If this sum amounted to $1461.77 in the given time, what was the interest rate? (Round your answer to two decimal places.)
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 6RE: Hsu-Mei wants to save 5,000 for a down paymenton a car. To the nearest dollar, how much will sheneed...
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A sum of $1000 was invested for 4 years, and the interest was compounded semiannually. If this sum amounted to $1461.77 in the given time, what was the interest rate? (Round your answer to two decimal places.)
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