at what rate percent annum will a sum of money become 5/4 of itself in 10 years
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Answer:
the rate of interest is 2.5%
Step-by-step explanation:
The difference of two numbers is 11 and one-fifth of their sum is 9. Find the numbers
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With annual compounding, solve for (1+r)^10 = 5/4.
10 log (1+r) = log 5/4
log (1+r) = (log 5/4)/10
log (1+r) = .02231435...
1+r = e^(.02231435...)
1+r = 1.02256518...
r = 2.5%+
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