Find the annual rate of growth (interest rate) on an account that was worth $200 in 1975 and $415.79 in 1990

2 answers:

8 0

To find the percent change over time, use the following formula: PR = Percent Rate, VPresent = Present or Future Value, VPast = Past or Present Value. The annual percentage growth rate is calculated by dividing the percent growth by N, which is the number of years. The calculation (415.79 - 200) / 200 * 100 results in 107.89. The annual percentage growth rate is then 107.89 divided by 15, which equals 7.193.

PIT_PIT [9.1K]7 days ago

5 0

For compound interest, the model used is: A = P (1+r)^5, where A represents the total amount, P is the initial principal, r is the annual interest rate expressed as a decimal, and t indicates the number of years. Setting 1975 as year 0 (t=0) and 1990 as year 15 (15 years later), we find that for year 0: $200 = P(1+r)^0, leading to P being $200. In year 15, we have $415.79 = $200 (1+r)^15. Solve this for r as a decimal.

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