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Popular >

Find the rate at which 9, 600 compounded annually grows to 12, 696 in 2 years.

Solution

Find the rate at which 9, 600 compounded annually grows to 12, 696 in 2 years.

Solution

Rate : 15%

Solution steps

Translate the problem into an equation:

12696 = 9600 (1 + \frac{r}{1})^{1 \cdot 2}

Solve for

r, 12696 = 9600 (1 + \frac{r}{1})^{1 \cdot 2} : r = 15%

Rate : 15%

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