Find the rate of interest required to achieve the conditions set forth.
-A = $32,000 P = $8,000
T = 20 years compounded annually
A)7.1773%
B)8%
C)3.5265%
D)5.6467%

Name: Find the rate of interest required to achieve the conditions set forth. -A = $32,000 P = $8,000 T = 20 years compounded annually A)7.1773% B)8% C)3.5265% D)5.6467%
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Quizplus · Accepted Answer

The formula for compound interest is A = P(1 + r)^T. Plugging in the values: 32000 = 8000(1 + r)^20. Solving for r gives approximately 7.1773%.

Find the Rate of Interest Required to Achieve the Conditions