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if you invested $1,000 in an account paying an annual percentage rate compounded daily and you wanted to have $2,500 in your account at the end of your investment time, what interest rat would you need if the investment time were 10 years?​

Sagot :

NinhaYSL

Réponse :

10 years = 9.16%

Explications :

Where $2,500 is the balance at the end of a certain time period, $1,000 is the beginning investment, t is the number of years, and r is the annual percentage rate. The annual rate of r% is converted to a daily interest rate since the compounding is daily (360 times per year). Take the annual interest rate of 4% and divide by 360 to obtain the daily interest rate. The exponent is 360t because there are 360 compounding periods in every year. Therefore, 360t represents the number of compounding periods during t years. 

$2500 = $1000 (1+t/360)^360t

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