Question

If P dollars are invested in an account that earns interest at r compounded annually, the amount available after t years is A = P(1 + r)$^t$. What interest rate would be necessary to obtain $6500 in 5 years if $4000 is the amount of the original investment and the interest is compounded yearly? The interest rate needed is % (Do not round until the final answer. Then round to the nearest tenth as needed.)

          If P dollars are invested in an account that earns interest at r compounded annually, the amount available after t years
is A = P(1 + r)$^t$. What interest rate would be necessary to obtain $6500 in 5 years if $4000 is the amount of the original
investment and the interest is compounded yearly?
The interest rate needed is % 
(Do not round until the final answer. Then round to the nearest tenth as needed.)

If P dollars are invested in an account that earns interest at r compounded annually, the amount available after t years
is A = P(1 + r)^t. What interest rate would be necessary to obtain 6500 in 5 years if4000 is the amount of the original
investment and the interest is compounded yearly?
The interest rate needed is %
(Do not round until the final answer. Then round to the nearest tenth as needed.)

Added by Mary O.

Elementary and Intermediate Algebra

Alan S. Tussy, R. David Gustafson 5th Edition

Instant Answer

Solved by Expert Chittaranjan Sahoo

12/28/2021

Step 1

Step 1: We are given the formula A=P(1+r), where A is the amount available after t years, P is the principal amount (initial investment), r is the interest rate, and t is the time in years. Show more…

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If P dollars are invested in an account that earns interest at r compounded annually, the amount available after t years is A=P(1+r). What interest rate would be necessary to obtain $6500 in 5 years if $4000 is the amount of the original investment and the interest is compounded yearly? The interest rate needed is % Do not round until the final answer. Then round to the nearest tenth as needed.