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Problem 6-6 At what interest rate will $1,000 grow into $2,409.85 in 13 years? Round the answer to the nearest whole percenta
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Answer #1

1000 * ( 1 + interest rate)^13 = 2409.85

( 1 + interest rate)^13 = 2.40985

( 1 + interest rate) = 2.40985^(1/13)

( 1 + interest rate) = 1.07

Interest rate = .07

= 7%

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