Find the interest rate required for an investment of $7000 to grow to $9500 in 8...

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Find the interest rate required for an investment of $7000 to grow to $9500 in 8 years if interest is compounded as follows. a. Annually b. Quarterly a. Write an equation which relates the investment of $7000, the desired value of $9500, and the time period of 8 years in terms of r, the yearly interest rate (written as a decimal), and m, the number of compounding periods per year. Find the interest rate required for an investment of $7000 to grow to $9500 in 8 years if interest is compounded as follows. a. Annually b. Quarterly a. Write an equation which relates the investment of $7000, the desired value of $9500, and the time period of 8 years in terms of r, the yearly interest rate (written as a decimal), and m, the number of compounding periods per year.

Answer rating: 100% (QA)

To solve this problem we can use the compound interest formul... View the full answer