33.8k views
1 vote
If you deposit $1000 in a savings account with an interest rate of r compounded annually, then the balance in the account after 3 years is given by the function B(c)=1000(1+r)^3, where r is written as a decimal. What is the formula for the interest rate, r; required to achieve a balance of B in the account after 3 years?

1 Answer

4 votes
R=(B/1000)^(1/3)-1
..................
User ASystemOverload
by
7.1k points

No related questions found