Mathematics

Alexis Jones

24 September, 23:47

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 as a decimal. What is the formula for the interest rate, r, required to achieve a balance of B after three years? a. r=1 + (cubroot of B) / 10 b. r=-1 + (cubroot of B) / - 10 c. r=-1 + (cubroot of B) / 10 d. r=-1+10 / (cubroot of B)