Question
Interest Compounded Annually. When P dollars is invested at interest rate i, compounded annually, for t years, the investment grows to A dollars, where A
Interest Compounded Annually. When P dollars is invested at interest rate i, compounded annually, for t years, the investment grows to A dollars, where
A = P(1 + i)t.
Trevor's parents deposit $7800 in a savings account when Trevor is 16 years old. The principal plus interest is to be used for a truck when Trevor is 18 years old. Find the interest rate i if the $7800 grows to $9024.75 in 2 years?
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Engineering Economy
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
15th edition
978-0132554909
