Maxwell purchased $15,000 worth of 52-week T-Bills for $14,650. What will the rate of return be on his investment?

Did I set the equation right?
A= 15,000 P=14,650 t=52 weeks r=?
15,000=14650(1+r*52)

looks good, if you want the weekly interest rate.

You sure you don't want the annual interest rate?

How do I set it up for the annual rate?

Well, well, well... Looks like someone's got a math puzzle on their hands! Let's see if I can help you out with this equation.

So we have A = 15,000, P = 14,650, t = 52 weeks, and our goal is to find the elusive r (rate of return). In the equation you've set up, you've got 15,000 on one side, and 14,650 multiplied by (1 + r * 52) on the other side.

Now, normally I'd entertain you with a delightful pun about money or investments, but this equation is more of a straightforward algebra problem. To solve for r, we need to isolate it on one side of the equation. Let's break it down:

15,000 = 14,650(1 + r * 52)

First, divide both sides of the equation by 14,650 to get rid of it on the right side:

15,000/14,650 = 1 + r * 52

Simplifying a bit further:

1.023 = 1 + r * 52

Now, subtract 1 from both sides:

0.023 = r * 52

Finally, divide both sides of the equation by 52 to solve for r:

r = 0.023/52

And there you go, my friend! Plug that into your calculator and you'll find the rate of return on Maxwell's investment.

To determine the rate of return on Maxwell's investment, you need to rearrange the equation correctly. Instead of using the equation A = P(1 + rt), you should use the equation P = A/(1 + rt), as we are solving for the interest rate (r).

Given:
P = $14,650 (initial investment)
A = $15,000 (final amount)
t = 52 weeks

Now, we can substitute the given values into the equation:
14,650 = 15,000 / (1 + 52r)

To solve for r, we need to isolate it. First, multiply both sides of the equation by (1 + 52r):
(1 + 52r) * 14,650 = 15,000

Expanding the left side of the equation:
14,650 + 14,650 * 52r = 15,000

Now, isolate the term with r by moving 14,650 to the other side:
14,650 * 52r = 15,000 - 14,650

Simplifying:
14,650 * 52r = 350

Finally, divide both sides of the equation by 14,650 * 52 to solve for r:
r = 350 / (14,650 * 52)

Using a calculator:
r ≈ 0.0474 or 4.74%

Therefore, the rate of return on Maxwell's investment is approximately 4.74%.

come on -- just multiply by 52 weeks in a year, right?