Question

The interest rate, compounded monthly, for an investment of $10000 to accumulate to $12000 in 5 years is: 2.54% 3.65% 3.42% 10.1% 

          The interest rate, compounded monthly, for an investment of $10000 to accumulate to $12000 in 5 years is:
2.54%
3.65%
3.42%
10.1%
The interest rate, compounded monthly, for an investment of 10000 to accumulate to12000 in 5 years is: 2.54% 3.65% 3.42% 10.1%

Added by Roy V.

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Calculus: Early Transcendentals
Calculus: Early Transcendentals
James Stewart 8th Edition
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Transcript

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00:01 From the question the given data are p is equal to $10 ,000, a is equal to $12 ,000 and t is equal to 5 years, n is equal to 12 monthly.
00:25 We want to find r.
00:28 By using the formula compound amount is equal to a is equal to p into 1 plus r divided by n power nt...
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