(Solving
for r in compound
interest)
If you were offered
$2,191.82 8 years from now in return for an investment of
$ 1,100 currently, what annual rate of interest would you earn if you took the offer?
We see that the rate of interest earned is given as equal
to=(2191.82/1100)^(1/8)-1
=9.00%
(Solving for r in compound interest) If you were offered $2,191.82 8 years from now in...