en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Find the interest rate for an\$8000 deposit accumulating to\$8770, compounded annually for 7 years. The interest rate is-%

Solution

solve for

t h e in t eres t r a t e f or an $8000 d e p os i t a cc u m u l a t in g t o $8770, co m p o u n d e d ann u a ll y f or 7 ye a rs . T h e in t eres t r a t e i s - %

Solution

Rate : 1.32144 \dots %

Solution steps

Translate the problem into an equation:

8770 = 8000 (1 + \frac{r}{1})^{1 \cdot 7}

Solve for

r, 8770 = 8000 (1 + \frac{r}{1})^{1 \cdot 7} : r = 1.32144 \dots %

Rate : 1.32144 \dots %

Popular Examples

Laura has 71,200 in a savings account that earns 7% annually.The interest is not compounded. How much will she have in total in 4 years?What is the result when the number 56 is decreased by 50%?if the circumference of a circle is 176,find its radius Find two consecutive whole numbers that sqrt(46) lies between A car is shown to have an original sticker price of 15, 999 and a discount of 8%. what is the final sale price for the car?