Question
The future value of an investment of $7500 at interest rate r (in decimal form), compounded annually for 7 years, is given by: S=7500(1+r)^7 Use the root to find the rate r that will give a future value of $12900. Round to three decimal places as needed. Do NOT provide r as a percent!
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Answer to a math question The future value of an investment of $7500 at interest rate r (in decimal form), compounded annually for 7 years, is given by: S=7500(1+r)^7 Use the root to find the rate r that will give a future value of $12900. Round to three decimal places as needed. Do NOT provide r as a percent!
Hermann
4.6126 Answers
Divide both sides by 7500:
Take the 7th root of both sides:
Using a calculator:
Subtract 1 from both sides to find \( r \):
Rounding to three decimal places:
Therefore,
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