Asked by Nathan

What annual rate of interest will enable $800 to grow to $1000 in three years?

cant seem to derive the formula for this one, normal compound interest isnt working for me
Answered by R_scott
800 * (1 + i)^3 = 1000

this is with annual compounding
Answered by oobleck
compound interest: 800(1 + r/100)^3 = 1000
simple interest: 800(1 + 3r/100) = 1000
solve for r and express as a %
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