Algebra II
posted by Shay .
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.

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%
Respond to this Question
Similar Questions

Personal Finance
NEED HELP IMMEDIATELY, HAVE UNTIL 10P.M. CENTRAL TO HAVE ANSWERS? 
algebra 2
Solve the problem. The profit made when t units are sold, t>, is given by P²36t+320. Determine the number of units to be sold in order for P>0 (a profit is made). The future value of $6000 invested for 5 years at rate r, compounded … 
algebra 2
Solve the problem. The profit made when t units are sold, t>, is given by P²36t+320. Determine the number of units to be sold in order for P>0 (a profit is made). The future value of $6000 invested for 5 years at rate r, compounded … 
Algebra II
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. 
solution
Mr. Hammad is a salaried person and thinking to save for the education of his daughter. In this concern he is considering two diverse saving plans for ten years. First plan requires a deposit of Rs 5,000 every six months … 
Finance
Find the future value of $10,000 invested now after five years if the annual interest rate is 8 percent. a. What would be the future value if the interest rate is a simple interest rate? 
Math
What is the future value of $800 invested for 14 years at 11 percent compounded annually 
algebra/I appreciate your help
Find the future value, using the future value formula. Round the answer to the nearest cent. $625 @ 5.5% compounded quarterly for 3 years. 
Fins nance business
1. Find the future value of current $1,000 5 year from now when annual interest rate 8% is compounded annually 2. Find the present value of a future value (1,000) four years from now when annual interest rate 8% is compounded quarterly. … 
Math
Zoey has invested $30 000 in a registered education savings plan (RESP). She wants her investment to grow to at least $50 000, so that her newborn can go to university at age 18. What interest rate, compounded annually, will result …