Formula:
[tex]A = P(1+ \frac{r}{n} ) ^{(n)(t)} [/tex]
Where:
A = amount accumulated, Php2,292
P = Principal, Php1,000
r = interest rate, unknown
n = compounding per period, annually or 1
t = number of periods, 17 years
[tex]2292=1000(1+ \frac{r}{1} ) ^{(1)(17)} [/tex]
[tex](1+r) ^{17} =2292 - 1000[/tex]
[tex](1 + r) ^{17} =1292[/tex]
[tex] \sqrt{(1+r) ^{17} } = \sqrt[17]{1292} [/tex]
[tex]r= \sqrt[17]{1292} -1[/tex]
r = 1.5241 - 1
r = 0.5241 x 100
r = 52.41% interest rate
