Exponential Functions · Exercise 46

Use the compound interest formula, $A\left(t\right)=P{\left(1+\frac{r}{n}\right)}^{nt}.$

Use the formula found in the previous exercise to calculate the interest rate for an account that was compounded semi-annually, had an initial deposit of $9,000 and was worth $13,373.53 after 10 years.

This exercise builds on another exercise in its source book, which isn't shown here.

OpenStax, Algebra and Trigonometry 2e · §6.1 Exponential Functions · Exercise 46