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6.1 Exercise 71

Avg difficulty 2.5

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

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.

OpenStax Algebra and Trigonometry 2e, 6.1 Exponential Functions, exercise 71

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Adapted from College Algebra © 2021 Rice University. Licensed under CC BY 4.0. Sources: College Algebra 2e, Algebra and Trigonometry 2e, Precalculus 2e, College Algebra with Corequisite Support 2e. Imported at revision 4922e46.