Ask a New Question

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
5 years ago

Answers

R_scott
800 * (1 + i)^3 = 1000

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

Related Questions

What annual rate of interest is required to double an investment in 3 years? The annual interest rate for a customer’s loan of $425 is 15.75%. What is the total dollar amount to... What annual interest rate was charged on a 2-year loan of $6300 if the simple interest paid was $103... If the annual interest rate is 10%, what is the approximate monthly interest rate? A. 0.833%... The annual interest rate on a credit card is14.99 ​%. If a payment of ​400$ is made each​ month, how... What annual interest rate is earned by 19a ​-week ​T-bill with a maturity value of 2500​$ that sells... At an annual interest rate of 2.5%, an original principal can accrue an interest of K350.25 over an... If the annual interest rate is 10%, what is the approximate monthly interest rate? (1 point) Res... Why is the annual interest rate more important to a borrower who carries a balance than to a borrowe...
Ask a New Question
Archives Contact Us Privacy Policy Terms of Use