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Populaire Word Problems >

Danielle is planning to invest 3000 into a savings account which compounds interest yearly.What interest rate per annum is needed for her investment to reach 6000 after 6 years?

Solution

D ani e ll e i s pl annin g t o in v es t 3000 in t o a s a v in g s a cco u n t w hi c h co m p o u n d s in t eres t ye a r l y . Wha t in t eres t r a t e p er ann u m i s n ee d e d f or h er in v es t m e n t t o re a c h 6000 a f t er 6 ye a rs ?

Solution

Rate : 12.24620 \dots %

étapes des solutions

Translate the problem into an equation:

6000 = 3000 (1 + \frac{r}{1})^{1 \cdot 6}

Solutionner pour

r, 6000 = 3000 (1 + \frac{r}{1})^{1 \cdot 6} : r = 12.24620 \dots %

Rate : 12.24620 \dots %

Exemples populaires

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