At what quoted annual interest rate must $159,000 be invested so that it will grow to be $467,000 in 10 years if interest is compounded weekly?
11.38% |
10.79% |
0.21% |
8.77% |
15.47% |
We use the formula:
A=P(1+r/52)^52n
where
A=future value
P=present value
r=rate of interest
n=time period.
467000=159000*(1+r/52)^(52*10)
(467000/159000)^(1/520)=(1+r/52)
(1+r/52)=1.002074119
r=(1.002074119-1)*52
=10.79%(Approx).
At what quoted annual interest rate must $159,000 be invested so that it will grow to...
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