Intermediate Algebra for College Students (7th Edition)

Published by Pearson
ISBN 10: 0-13417-894-7
ISBN 13: 978-0-13417-894-3

Chapter 9 - Section 9.5 - Exponential and Logarithmic Equations - Exercise Set - Page 728: 105

Answer

$r=0.1685=16.85\%$

Work Step by Step

$P=1000, n=360, A=1400, t=2$ $A=P(1+\frac{r}{n})^{nt}=1000(1+\frac{r}{360})^{720}=1400$ $(1+\frac{r}{360})^{720}=1.4$ $720\log (1+\frac{r}{360})=\log 1.4$ $1+\frac{r}{360}=1.000468$ $\frac{r}{360}=0.000468$ $r=0.1685=16.85\%$
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