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Popular Word Problems >

Fredrick deposits 7,500 in a savings and finds that it doubles in 21 years. What was the annual percentage rate?

Solution

F re d r i c k d e p os i t s 7, 500 in a s a v in g s an d f in d s t ha t i t d o u b l es in 21 ye a rs . Wha t w a s t h e ann u a l p erce n t a g e r a t e ?

Solution

Rate : \frac{I}{157500}

Solution steps

Translate the problem into an equation:

I = 7500 r \cdot 21

Solve for

r, I = 7500 r \cdot 21 : r = \frac{I}{157500}

Rate : \frac{I}{157500}

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