Algebra II

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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%

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