Posted by Kim on Saturday, October 10, 2009 at 12:36pm.
I like this question :-)
Let's assume interest is compounded annually.
After one year, the value will be 10,477.03 * x, where x is 1 + (interest rate implicitly divided by 100).
After two years, it will be
10,477.03 * x * x, because we increase it by the same percent again. And we want that to be 13,217.74
So
10477.03 * x * x = 13217.74
x^2 = 13217.74/10477.03
and your calculator will take it from there.
Related Questions
Math - Envision that you have served as business manager of Media World for ...
Business - Envision you have served as business manager for over two years. you ...
Business Analysis / Investment - Help! I have had several solutions and cannot ...
Math - I really need some help with this one. Envision that you have served as ...
Business/ Math/ Investment - I Only Need Question 3. I have completed the rest. ...
Finance - You currently have $7,500 to invest. You can invest the full amount ...
finance - You invest $1,000 in a certificate of deposit that matures after 10 ...
Math - Can someone steer me in the right direction? Here's the question. ...
college algebra - A grandmother is looking for a plan to finance her new ...
Compounded Interest - ) An investment of $37,000 was deposited in the bank. ...
For Further Reading
