Solve the problem. At what interest rate must $5400 be compounded annually to equal $9995.02 after 8 yr? (Round to the nearest percent.) Select one: a. 7% b. 8% c. 9% d. 10%
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Step 1: Use the compound interest formula: A = P(1 + r/n)^(nt), where A is the amount after t years, P is the principal amount, r is the interest rate, n is the number of times interest is compounded per year, and t is the number of years. Show more…
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