Question

Meera invests $700 in an account paying compound interest at a rate of % per year. At the end of 17 years the value of her investment is $1030.35. Find the value of r.

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Answer 1

Answer2.3%

Explanation:

This is a compound Interest so we use the formula = A=P(1+r/100)^n

= 1030.35 = 700(1+r/100)^17

In this case we find R so we substitute the formula to make r the subject like so --
`r = \sqrt[17]{(1030.35*100)/(700) } +1 = 2.3%`

Hope this helps

Answer 2

Explanation:

To find the value of r in this compound interest problem, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:

A = the final amount of the investment

P = the initial amount invested

r = the annual interest rate (expressed as a decimal)

n = the number of times interest is compounded per year

t = the number of years

In this case, we know that:

A = $1030.35

P = $700

t = 17 years

We need to find the value of r.

Now, let's plug in the given values into the formula:

1030.35 = 700(1 + r/n)^(nt)

Simplifying further, we have:

1.4719286 = (1 + r/n)^(17n)

To solve for r, we need to know the value of n. However, this information is missing in the given question. Without the value of n, we cannot determine the exact value of r.

Please provide the value of n, and I'll be happy to help you solve the equation to find the value of r.