OpenStax, Algebra and Trigonometry 2e §6.1 Exponential Functions · Exercise 75 · Algebra · Exponentials & logarithms
Exponential Functions · Exercise 75
Kyoko has $10,000 that she wants to invest. Her bank has several investment accounts to choose from, all compounding daily. Her goal is to have $15,000 by the time she finishes graduate school in 6 years. To the nearest hundredth of a percent, what should her minimum annual interest rate be in order to reach her goal? (Hint: solve the compound interest formula for the interest rate.)
Its source prints no answer for this problem, so there's nothing to check against.
OpenStax, Algebra and Trigonometry 2e · §6.1 Exponential Functions · Exercise 75
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