35000 divided by 215000to the power of 192.
could someone help me this is a compund formula question.
the question is $215000 grows to$35000 in 16 years comp.monthly,find %/a
the question is $215000 grows to$35000 in 16 years comp.monthly,find %/a
You have $215,000 grows to $35,000?????. I assume you mean $350,000?
If that is the case, then the annual rate of growth would be: 3.05% compounded monthly. The formula you would use for this is:
FV=PV [1 + R ]^N, where PV=Present value, FV=Future value, R=Interest rate per period, N=Number of periods.
In this case, you would solve for R using Logs.
