Question

A gift of $4000 to a city grew to $9,000,000 in 200 years. At what interest rate compounded annually would this growth occur? The interest rate would be %. (Do not round until the final answer. Then round to the nearest hundredth as needed.)

          A gift of $4000 to a city grew to $9,000,000 in 200 years. At what interest rate compounded annually would this growth occur?
The interest rate would be  %.
(Do not round until the final answer. Then round to the nearest hundredth as needed.)

A gift of 4000 to a city grew to9,000,000 in 200 years. At what interest rate compounded annually would this growth occur?
The interest rate would be %.
(Do not round until the final answer. Then round to the nearest hundredth as needed.)

Added by Derek S.

Precalculus with Limits

Ron Larson 2nd Edition

Instant Answer

Solved by Expert Kathleen Carty

05/19/2023

Step 1

We can use the formula for compound interest: A = P(1 + r/n)^(nt) where A is the final balance, P is the initial investment, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years. Plugging in the Show more…

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