Post a New Question

Algebra II

posted by .

The future value of $6000 invested for 5 years at rate r, compounded annually, is given by S=6000(1+r)^5. Find the rate r, as a percent that gives a future value of $8415.31. Round to the nearest whole percent.

  • Algebra II -

    8415.31=6000(1+r)^5
    1.4025517 = (1+r)^5
    take the 5th root on your calculator
    1.0699999 = 1+r
    r = .069999 or 7%

Answer This Question

First Name:
School Subject:
Answer:

Related Questions

More Related Questions

Post a New Question