Alexander is going to invest $1,900 and leave it in an account for 7 years. Assuming the interest is compounded monthly, what interest rate, to the nearest tenth of a percent, would be required in order

My account
Edit my Profile
Private messages
My favorites

Ask a Question
Questions
Tags
Categories
Ask a Question

Luiz Mitidiero asked Jan 6, 2022

57,115 views

22 votes

Alexander is going to invest $1,900 and leave it in an

account for 7 years. Assuming the interest is
compounded monthly, what interest rate, to the nearest
tenth of a percent, would be required in order for
Alexander to end up with $3,100?

Mathematics
high-school

Luiz Mitidiero asked Jan 6, 2022

by Luiz Mitidiero

2.6k points

0 Comments

Your comment on this question:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Your answer

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

1 Answer

19 votes

3,100= 1,900 +84x

right since 84 months in 7 years

so 14.3% right?

Preet answered Jan 12, 2022

by Preet

2.9k points

0 Comments

Your comment on this answer:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Ask a Question

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

1.6m questions

2.0m answers

0 Comments

Your comment on this question:

Your answer

1 Answer

0 Comments

Your comment on this answer:

Other Questions