## Related questions with answers

Question

Use the compound interest formula, $A(t)=P\left(1+\frac{r}{n}\right)^{n t}$.

Use properties of rational exponents to solve the compound interest formula for the interest rate, $r$.

Solution

VerifiedAnswered 2 years ago

Answered 2 years ago

Step 1

1 of 4The compound interest formula is given by

$A(t)=P\bigg(1+\dfrac{r}{n}\bigg)^{nt}$

where $P$ is the initial amount, $r$ is the annual rate of interest, $n$ is the number of compounding periods in one year, $t$ is measured in years and $A(t)$ is the account value.

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