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The interest rate r required to increase your investment p to the amount a in t years is found by [tex]r=(\frac{a}{p} )^\frac{1}{t} -1[/tex]. Find the interest rate r for p = 2700, a = 6400, and t = 3. Round to the nearest hundredth.

Respuesta :

carlosego

Answer: [tex]r=0.33\ or\ 33\%[/tex]

Step-by-step explanation:

You have the formula shown in the problem to calculate the interest rate required to increase your investment to the amount a in t years:

[tex]r=(\frac{a}{p})^\frac{1}{t}-1[/tex]

And you know that:

[tex]p=2700\\a=6400\\t=3[/tex]

You must substitute the values shown above, into the formula to solve the problem.

Therefore, you obtain:

[tex]r=(\frac{6400}{2700})^\frac{1}{3}-1\\\\r=0.33\ or\ 33\%[/tex]

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