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At what interest rate compounded annually will 1000.00 amount to 2292.00 in 17years?

Sagot :

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