math

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

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  1. 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%

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  2. 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.

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