OpenStax, Algebra and Trigonometry 2e §6.1 Exponential Functions · Exercise 47 · Algebra · Exponentials & logarithms
Exponential Functions · Exercise 47
Use the compound interest formula,
Use the formula found in the previous exercise to calculate the interest rate for an account that was compounded monthly, had an initial deposit of $5,500, and was worth $38,455 after 30 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 47
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