If you deposit $1000 in a savings account with an interest rate of r compounded annually, then the balance in the account after 3 years is given by the function b (c) = 1000 (1+r) ^3, where r is written as a decimal. What is the formula for the interest rate, r; required to achieve a balance of B in the account after 3 years?

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Julia

15 October, 04:01

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Bridger Williamson · Answer 1

Bridger Williamson 15 October, 05:02

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Where: r = n [ (A/P) 1/nt - 1]