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find the interest rate with annual compunding that makes the statement true.  782$ grows to 1071.53$ in 10 years answer is 3.2%

find the interest rate with annual compunding that makes the statement true.  782$ grows to 1071.53$ in 10 years answer is 3.2%

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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find the interest rate with annual compunding that makes the statement true. 

782$ grows to 1071.53$ in 10 years

answer is 3.2%

 

FORMULAS - CH. 4-1332 COMPOUND INTEREST Formula for interest Paid n Times per Year SIMPLE INTEREST 1) I= Prt 2) A=P+ Prt 3) A= P(1 + rt) APR 4) A=P|1+ n 5) CONTINUOUS COMPOUNDING A =P•e (APR x Y) or A= Pet ANNUAL PERCENTAGE YIELD APR 7) APY = 1+- 6) APY - (year end balance- starting balance) x100% = (1 + APR + n)" - 1 Calculator Starting balance SAVINGS PLANS APR APR -1 n 8) A- PMT× 9) PMT = Ax APR 1+ APR -1 = PMT ((1 + APR + n)Y – 1) = (APR - n) = A(APR + n) - ((1 + APR + n)Y – 1) Calculator Calculator LOAN PAYMENT FORMULA APR 10) PMT = P x APR 1-|1+ n =P (APR + n) - (1 - (1+ APR + n) nY Calculator (A - P) 11) TOTAL RETURN = P. 12) ANNUAL RETURN = -1 Where P=Principal r= annual rate t= time in years A = Amount or future value I= Interest APR - Annual Percentage Rate (as a decimal) n- number of compounding period per year Y = number of years PMT = regular payment
Transcribed Image Text:FORMULAS - CH. 4-1332 COMPOUND INTEREST Formula for interest Paid n Times per Year SIMPLE INTEREST 1) I= Prt 2) A=P+ Prt 3) A= P(1 + rt) APR 4) A=P|1+ n 5) CONTINUOUS COMPOUNDING A =P•e (APR x Y) or A= Pet ANNUAL PERCENTAGE YIELD APR 7) APY = 1+- 6) APY - (year end balance- starting balance) x100% = (1 + APR + n)" - 1 Calculator Starting balance SAVINGS PLANS APR APR -1 n 8) A- PMT× 9) PMT = Ax APR 1+ APR -1 = PMT ((1 + APR + n)Y – 1) = (APR - n) = A(APR + n) - ((1 + APR + n)Y – 1) Calculator Calculator LOAN PAYMENT FORMULA APR 10) PMT = P x APR 1-|1+ n =P (APR + n) - (1 - (1+ APR + n) nY Calculator (A - P) 11) TOTAL RETURN = P. 12) ANNUAL RETURN = -1 Where P=Principal r= annual rate t= time in years A = Amount or future value I= Interest APR - Annual Percentage Rate (as a decimal) n- number of compounding period per year Y = number of years PMT = regular payment
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