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A sum of 1000 was invested for 4 years, and the interest was compounded semiannually. If this sum amounted to 1452.87 in the given time, what was the interest rate?

Solution

Solution

Rate : 9.55997 \dots %

Solution steps

Translate the problem into an equation:

1452.87 = 1000 (1 + \frac{r}{2})^{2 \cdot 4}

Solve for

r, 1452.87 = 1000 (1 + \frac{r}{2})^{2 \cdot 4} : r = 9.55997 \dots %

Rate : 9.55997 \dots %

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