A certain amount will be deposited to a bank with a certain interest rate.6 years after deposit the amount is 47 713 $ and three more on the balance of 55 709 USD. Determine the initial deposit and the account's interest rate.
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Formula for Compound Interest =
A = P ( 1 + r/100)^n
Assuming the interest is compounded annually
55709 = 47713 ( 1 + r/100)^3
r = 5.3 %
47713 = P ( 1 + 5.3/100)^6
P = 35000 $
ANSWER 35000 $ and 5.3% compounded annually
A = P ( 1 + r/100)^n
Assuming the interest is compounded annually
55709 = 47713 ( 1 + r/100)^3
r = 5.3 %
47713 = P ( 1 + 5.3/100)^6
P = 35000 $
ANSWER 35000 $ and 5.3% compounded annually
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i=prt
1_ 47713-p=pr(6)
pr=(47713-p)/6 --a
2_ 55709-p=pr(9)
pr=(55709-p)/9 --b
pr=pr => a=b
from that solve the equations and u will get p=31721
apply to 47713-p=pr6
then u will get r=.08
1_ 47713-p=pr(6)
pr=(47713-p)/6 --a
2_ 55709-p=pr(9)
pr=(55709-p)/9 --b
pr=pr => a=b
from that solve the equations and u will get p=31721
apply to 47713-p=pr6
then u will get r=.08