$11500 grows to $15000 in 6 years comp,monthly. find %/a
can someone show how they got the answer and which compound formula i could use.
FV=PV[1 + R]^N
[15,000/ 11,500]^(1/72) - 1 x100=0.369714% This is the interest rate per month.
0.369714 x 12 =4.44% This is the annual interest rate compounded monthly.
