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Fredrick deposits 7,500 in a savings and finds that it doubles in 21 years. What was the annual percentage rate?

Solution

Fredrick deposits 7, 500 in a savings and finds that it doubles in 21 years. What was the annual percentage rate?

Solution

Rate : \frac{I}{157500}

Solution steps

Translate the problem into an equation:

I = 7500 r \cdot 21

Solve for

r, I = 7500 r \cdot 21 : r = \frac{I}{157500}

Rate : \frac{I}{157500}

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