For Exercises 1-6, choose the correct letter.
A company invests $15,000 in an account that compounds interest annually. After two years, tire account is worth $16,099.44. Use the function
where r is the annual interest rate, P is the principal, and A is the amount of money after t years. What is the interest rate of the account?
F. 1.04%
G. 3.6%
H. 5.4%
I. 7.3%
To find: the interest rate of the account.
Answer to Problem 6STP
The interest rate of the account is
Explanation of Solution
Given information:
The function is
Calculation: to find the solution, first substitute and then simplify,
Thus, The interest rate of the account is
Chapter 10 Solutions
High School Math 2012 Common-core Algebra 1 Practice And Problem Solvingworkbook Grade 8/9
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