Question

At what interest rate, to the nearest tenth of a percent, compounded annually would $1500.00 have to be invested to amount to $8400.00 in 11 years?

Answer 1

Answer:

17%

Step-by-step explanation:

amount= p*(1+r)^t

8400=1500*(1+r)^11

or (1+r)^11= 5.6

1+r= 1.170

r= .17 or 17%