Ten years ago, an account was opened with an investment of $5000. Its balance is now $8000. If interest was compounded annually, what interest rate was earned on the account? (Enter your answers as a decimal rounded to 4 decimal places, not a percentage. For example, enter 0.0843 instead of 8.43%)
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
8000=5000*(1+r/100)^10
(8000/5000)^(1/10)=(1+r/100)
(1+r/100)=1.0481
r=1.0481-1
=0.0481(Approx).
Ten years ago, an account was opened with an investment of $5000. Its balance is now...
Please show work and explain Question 19 (1 point) Ten years ago, an account was opened with an investment of $5000. Its balance is now $6000. If interest was compounded annually, what interest rate was earned on the account? (Enter your answers as a decimal rounded to 4 decimal places, not a percentage. For example, enter 0.0843 instead of 8.43%) Your Answer: Answer Hide hint for Question 19 Since FV-PV (1+r)An r (FV/PV)A(1/n) -1
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