The value of a ring ($1000) increases exponentially so that it has a value of $3,000 after 5 years. Find the rate.

asked Jun 5, 2024 7.5k views

4 votes

8.3k points

Please log in or register to add a comment.

5 votes

Answer:
$\sqrt[5]{3}-1$

Explanation:

Let the annual rate of increase be
.

$3000=1000(1+r)^5\\\\3=(1+r)^5\\\\\sqrt[5]{3}=1+r\\\\r=\sqrt[5]{3}-1$

7.4k points

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

8.8m questions

11.4m answers