Paisley is going to invest $28,000 and leave it in an account for 14 years. Assuming the interest is compounded monthly, what interest rate, to the nearest tenth of a percent, would be required in order for Paisley to end up with $74,000?

Answers

Answer 1

Answer:

r=7

Step-by-step explanation:

74000=28000(1+r/12)^12(14)

divide 74000 by 28000, and cancel out 28000.

1.00580=1+r/12

(100) .06962=r

r = 6.96198

the 6 after the 9 rounds 9 to 0, which rounds the 6 to 7

r=7


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Guys help I’m failing math this assignment is 100 points it will boost my grade I’m timed..

Answers

Answer:

edf

Step-by-step explanation:

I think it’s real numbers
Sorry if it’s wrong
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