Ihatemath101dang Ihatemath101dang

20-04-2021
Mathematics

contestada

Aubrey is going to invest $160 and leave it in an account for 7 years. Assuming the interest is compounded daily, what interest rate, to the nearest tenth of a percent, would be required in order for Aubrey to end up with $220?

Respuesta :

madethisfortwitch1 madethisfortwitch1

20-04-2021

Answer:

4.5%

Step-by-step explanation:

compound interest formula:

[tex]PV(1+\frac{i}{n})^{t*n}[/tex]

[tex]220=160(1+\frac{x}{365})^{365*7}\\\\1.375=(1+\frac{x}{365})^{2555}\\1.0001246=1+\frac{x}{365}\\x=.0454962254126[/tex]

this rounds to

x=4.5%

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