posted by .

You invest 3400 into account earning simple intrest. The balance is 4624 after 8 years. What is rate of intrest?

  • math -

    4624 = 3400(1+i)^8
    (1+i)^8 = 1.36 take the 8th root of both sides
    1+i = 1.03918
    i = .03918 or 3.9%

  • math -

    We use the formula:

    M = P( 1 + i )^n

    M is the final amount including the principal.

    P is the principal amount.

    i is the rate of interest per year.

    n is the number of years invested.

    M = 4624

    P = 3400

    n = 8 years

    We seek i.

    4624 = 3400(1 + i)^8

    You do the rest.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. business mathemathics

    sharry made a desposit of $860 to open a savings account that pays intrest at an annual rate of 8% compound quarterly. If she keeps her original desposit in the savings account and is paid intrest of four quarters, she will earn intrest …
  2. math

    Amount of an Investment. The amount of an ivestment of P dollarsfor T years at simple intrest rate r is given by A=P+PrT a)Rewrite formula by factoring out the greatest common factor on the right hand side. b)find A if $8300is invested …
  3. math

    last year Jodie invested $10000, part at 6% anual intrest and the rest at 8% annual intrest. if she received $760 in intrest at the end of the year how much did she invest at each rate. help is much appreciated plz help!!
  4. Please help!

    If your bank paid simple intrest Of 4.25% compounded annually how much intrest would you earn after three years on an initial deposit of $750.
  5. math

    How much simple intrest would 1,000 earn in 275 days at an intrest rate of 4.21 percent?
  6. math

    if I deposited $100 in your savings account today, how much will you have 10 years from now if your account pays compound intrest once a year and the annual intrest rate is 4%
  7. pride

    you deposit 7900 in a money market account that pays a intrest rate of 4.3% the intrest is compounded quarterly how much money will you have after 3 years
  8. math

    An investor has 7000 to invest in two accounts. The first account earns 8% annual simple intrest, and the second account earns 13% annual simple intrest .How much money Should be invested in each account so that the simple intrest …
  9. math

    if I invest $5000.00 in an account earning simple interest After 6 years the balance is $6,200. What is the interest rate
  10. math

    10 years ago raj deposited $5000 into an investment account with intrest compound quarterly. for the first 5 years the intrest rate was 6% and for the next 5 years the interest rate changed to 4.5% how much money is in the account …

More Similar Questions