Answer
$2.7\%$
Work Step by Step
Given $P=5000, A=6200, n=4, t=8\ yr$, we have:
$A=P(1+\frac{r}{n})^{nt}\longrightarrow 6200=5000(1+\frac{r}{4})^{4(8)} \longrightarrow r\approx 0.027 $ or $2.7\%$
Precalculus (6th Edition)
by Lial, Margaret L.; Hornsby, John; Schneider, David I.; Daniels, Callie
Published by
Pearson
ISBN 10:
013421742X
ISBN 13:
978-0-13421-742-0
Chapter 4 - Inverse, Exponential, and Logarithmic Functions - 4.2 Exponential Functions - 4.2 Exercises - Page 433: 104
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