Question

arm invests 500 dollar at the rate of r% per year compound interest. at the end of 6 years, the value of arms investment is 559.78 dollars. find the value of r

Answer 1

Answer:

Step-by-step explanation:

A=P(1+r/100)^n

559.78=500(1+r/00)^6

559.78/500=(1+r/100)^6

1.11956=(1+r/100)^6

1.01900088747=1+r/100

r=1.9% Apprx