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Find the interest rate needed for an investment of $9,000 to grow to an amount of $13,500 in 8 years if interest is compounded monthly. (Round your answer to the nearest hundred…

Find the interest rate needed for an investment of $9,000 to grow to an amount of $13,500 in 8 years if interest is compounded monthly. (Round your answer to the nearest hundred…
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Find the interest rate needed for an investment of $9,000 to grow to an amount of $13,500 in 8 years if interest is compounded monthly. (Round your answer to the nearest hundredth of a percentage point.)

User Jinna
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The interest rate would end up being 3000. Three times three equals 9 so that would make sense for it to equal 9000.
User Nicolai Lissau
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