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Popular Word Problems >

Find the rate at which 9, 600 compounded annually grows to 12, 696 in 2 years.

Solution

solve for

t h e r a t e a t w hi c h ​9, 600 co m p o u n d e d ann u a ll y g ro w s t o ​12, 696 in 2 ye a rs .

Solution

Rate : 15%

Solution steps

Translate the problem into an equation:

12696 = 9600 (1 + \frac{r}{1})^{1 \cdot 2}

Solve for

r, 12696 = 9600 (1 + \frac{r}{1})^{1 \cdot 2} : r = 15%

Rate : 15%

Popular Examples

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