suppose your saving account has annual compound interest. after 3 years you deposit of 1,000 becomes...
suppose your saving account has annual compound interest. after 3 years you deposit of 1,000 becomes 1,331 what is the annual interest rate for this account?
Homework Answers
ANSWER = 10%
Future value = Present value (1 + Rate)Time
Future value = $1331
Present value = $1000
Time = 3
Putting values in formula,
1331 = 1000 (1 + Rate)3
1.331 = (1 + Rate)3
(1.331)1/3 = 1 + Rate
1.1 = 1 + Rate
Rate = 0.1
Rate = 10%
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