Solved: Interest Compounded Annually. When P dollars is invested at interest rate i
Chapter 4, Problem 18(choose chapter or problem)
Interest Compounded Annually. When P dollars is invested at interest rate i, compounded annually, for t years, the investment grows to A dollars, where A = P11 + i2t . a) Find the interest rate i if $6250 grows to $6760 in 2 years. [4.1] b) Find the interest rate i if $1,000,000 grows to $1,215,506.25 in 4 years. [4.1]
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