What is the interest rate at the end of year 7 at 4%, 10% and 14% ???
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
At 4%:
A=13000*(1.04)^6+22000*(1.04)^5+31000*(1.04)^4+140,000
=$219,481.13(Approx).
At 10%:
A=13000*(1.1)^6+22000*(1.1)^5+31000*(1.1)^4+140,000
=$243,848.61(Approx).
At 14%:
A=13000*(1.14)^6+22000*(1.14)^5+31000*(1.14)^4+140,000
=$263251.53(Approx).
What is the interest rate at the end of year 7 at 4%, 10% and 14%...
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Have been working on this all day, so confused please
help
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