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Interest Compounded Annually. When P dollars is invested at interest rate i, compounded annually, for t years, the investment grows

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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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Answer rating: 100% (QA)

Answer The interest rate r is 7 565 Explanation Using t View the full answer


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Related Book For  answer-question
Engineering Economy

Engineering Economy

ISBN: 978-0132554909

15th edition

Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

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Posted Date: January 17, 2021 09:33:42
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