6. Exponential & Logarithmic Functions

Solving Exponential and Logarithmic Equations

9:18 minutes

Problem 104a

Textbook Question

Textbook Question# To solve each problem, refer to the formulas for compound interest. A = P (1 + r/n)^(tn) and A = Pe^(rt) At what interest rate, to the nearest hundredth of a percent, will $16,000 grow to $20,000 if invested for 7.25 yr and interest is compounded quarterly?

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