Use the compound interest formula A=P(1+r)^t and the given information to solve for r

Question

Question

Use the compound interest formula A=P(1+r)^t and the given information to solve for r.
A=9,000,000
P=60,000
t=40

math

Answer 1

Answer #1

Just plug in the values

60000(1+r)^40 = 9000000
(1+r)^40 = 150
take 40th root of both sides
1+r = 150^(1/40) = 1.13345
r = .13345 or 13.345%

answered by: mTaq14

Answer 2

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