We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners.More informationAgree
ad
profileOsama Baig
asked 2020-02-20 08:41:24 
If $\$30,000$ to grow to $\$90,000$ over a ten years period, at what annual interest rate must it be invested, given that interest is compounded semi-annually?
like 0 dislike 0 comment
profiledev
answered 2020-02-20 09:31:34 
$30000\left(1+\dfrac{\text{R}/2}{100}\right)^{2×10}=90000\\\left(1+\dfrac{\text{R}}{200}\right)^{20}=3\\1+\dfrac{\text{R}}{200}=\sqrt[20]{3}\\\text{R}=200\left(\sqrt[20]{3}-1\right)$
like 0 dislike 0 comment

Answer This Question

?
Name
    cancel
    preview