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Popular Word Problems >

Find the interest rate for a 5000 deposit accumulating to 5909, compounded annually for 7 years.

Solution

solve for

t h e in t eres t r a t e f or a ​5000 d e p os i t a cc u m u l a t in g t o ​5909​, co m p o u n d e d ann u a ll y f or 7 ye a rs .

Solution

Rate : 2.41496 \dots %

Solution steps

Translate the problem into an equation:

5909 = 5000 (1 + \frac{r}{1})^{1 \cdot 7}

Solve for

r, 5909 = 5000 (1 + \frac{r}{1})^{1 \cdot 7} : r = 2.41496 \dots %

Rate : 2.41496 \dots %

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