Question
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
cant seem to derive the formula for this one, normal compound interest isnt working for me
Answers
R_scott
800 * (1 + i)^3 = 1000
this is with annual compounding
this is with annual compounding
oobleck
compound interest: 800(1 + r/100)^3 = 1000
simple interest: 800(1 + 3r/100) = 1000
solve for r and express as a %
simple interest: 800(1 + 3r/100) = 1000
solve for r and express as a %