Homework Help: Algebra II

Posted by Shay on Thursday, July 7, 2011 at 12:49pm.

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 - Reiny, Thursday, July 7, 2011 at 2:39pm
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%

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