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This problem says ms.
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Emily francis saves $10 ,000 in a bank, and by the end of the 8th year, the money collected amounts to $19 ,992 .71.
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If the bank pays an annual interest of x percent for a year, and it's compounded every 6 months, calculate the value of x.
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So our x value here is going to be considered our rate, and that's what we're trying to find, and we're given values for every other variable that we just need to put in the correct spot.
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We know the final amount that we ended up with after the 8 years was $19 ,992 .71, and we know that we initially started saving the principal amount of $10 ,000, and that's multiplied by 1 plus the rate, which is our x value, which is what we're trying to find, divided by n, where n is the number of times we're compounding in a year, and since we're compounding every 6 months, 6 months occurs twice in a year, so that's 2 for our n value here, as well as in our exponent, and that's 2 times t, where t is our time in years, and we were told this is how much we got to after the 8th year, so that's 8 for t, and now what we are going to do is begin to isolate the parentheses that holds our x value...