Jaxon is going to invest $3,500 and leave it in an account for 13 years. Assuming the interest is compounded annually, what interest rate, to the nearest tenth of a percent, would be required in order for Jaxon to end up with $6,400?

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25-10-2022
Mathematics

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Jaxon is going to invest $3,500 and leave it in an account for 13 years. Assuming the interest is compounded annually, what interest rate, to the nearest tenth of a percent, would be required in order for Jaxon to end up with $6,400?

Answer :

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bharathparasad577 bharathparasad577 · Answer 1 · 2022-10-28T02:38:19-04:00

The interest rate required in order for Jaxon to end up with $6400 is 4.6%.

Simple interest is a method for figuring out how much interest was paid on a sum of money during a specific time period at a specific rate. Simple interest has a constant principle amount. Simple interest is a clear-cut and simple method for computing financial interest.

Compound monthly refers to a loan's interest rate, which is charged in installments each month and added to the principal.

Jaxon invested $3500 and leave the account for 13 years.

The interest is compounded annually and the final amount in the account after 13 years is $6400.

Then, using the formula:

A = Pe^(rt)

6400 = 3500 × e^(r × 13 )

64 = 35 × e^(r × 13 )

e^(r × 13 ) =

13r = ㏑( 64/35)

r = 0.0464

Hence, the interest rate is 4.6%.

Learn more about interest rate here:

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