Question

Determine the rate of interest for a sum that becomes 343/216 times itself in 3 years interest compounded annually.​

* TELL FAST I WILL U AS THE BRAINLIEST *

Answer 1

Answer:

Annual interest rate is 16 and 2/3 %.

Step-by-step explanation:

f = p * (1+r)^n

if you divide both sides of this equation by p, you will get:

f/p = (1+r)^n

f = future value

p = present value

r = annual interest rate

n = number of years

in your problem:

f = 343

p = 216

n = 3

f/p = (1+r)^n becomes 343/216 = (1+r)^3

take the cube root of both sides of this equation to get:

(343/216)^(1/3) = 1+r

 

subtract 1 from both sides of this equation to get:

(343/216)^(1/3) - 1 = r

solve for r to get:

r = .1666666667

343/216 = (1+r)^n becomes:

343/216 = (1.1666666667)^3

simplify to get:

1.587962965 = 1.587962963

this confirms the solution is correct.

Annual interest rate is 16 and 2/3 %.