Asked by NONAMEE
At what interest rate (compounded monthly) should you invest if you would like to grow $3,633.07 to $4,126.00 in 81 months?
Answers
Answered by
oobleck
3633.07 (1 + r/12)^81 = 4126
(1 + r/12)^81 = 1.135
81 log(1 + r/12) = log 1.135
log(1 + r/12) = 0.000682
1 + r/12 = 10^0.000682 = 1.00157198
r/12 = 0.00157198
r = 0.01886 = 1.89%
(1 + r/12)^81 = 1.135
81 log(1 + r/12) = log 1.135
log(1 + r/12) = 0.000682
1 + r/12 = 10^0.000682 = 1.00157198
r/12 = 0.00157198
r = 0.01886 = 1.89%
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.