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