anonymous
  • anonymous
If you deposit $1000 in 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 interest rate will yield a balance of $1100 after 3 years? A) 3.23 % B) 3.33 % C ) 3.63 % D ) 3.66 %
Mathematics
schrodinger
  • schrodinger
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perl
  • perl
Solve the equation $$\Large 1100 = 1000 (1+r)^3 $$
perl
  • perl
Do you see how I got that equation?

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