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At what compound interest rate would 500$ amount to 800 in 8 years

Guest Apr 11, 2017
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FV=PV[1 + R]^N

800=500[1 + R]^8 Divide both sides by 500

1.6 =[1 + R]^8 Take the 8th root of both sides

1 + R = 1.6^(1/8)

1 + R = 1.0605  Subtract 1 from both sides.

R = 1.0605 - 1 x 100 =6.05%

Guest Apr 11, 2017

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