Need help with #5 please
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The formula that calculates the compound rate from the given values is
The compound interest formula is:
Where:
- P represents the principal amount
- r represents the compound interest rate
- n represents the number of times the interest is compounded
- t represents the time in years
- I represents the interest
We start by adding P to both sides
Divide through by P
Take the nt-th root of both sides
Subtract 1 from both sides
Multiply through by n
In this case, t = 10
So, we have:
Hence, the formula that calculates the compound rate is
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