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5 July, 02:31

Find the interest rate r given I=$ 56, P=450 and t = 6 years, round your answer to the nearest

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  1. 5 July, 06:13
    0
    0.163

    Step-by-step explanation:

    P = I (1 + r) ᵗ

    450 = 56 (1 + r) ⁶

    8.036 = (1 + r) ⁶

    log₆ 8.036 = 1 + r

    log 8.036 / log 6 = 1 + r

    1.163 = 1 + r

    r = 0.163
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