Pre-Calculus, 9th edition
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48
| PAGE: 320 | SET: Exercises | PROBLEM: 48 |
Please look in your text book for this problem Statement
A business purchased for $650,000 in 2005 is sold in 2008 for $850,000
The Prinicipal Income is 
.
The total amount is 
.
Time period is 
years .
Find the rate of interest when compounded annually.
.
For annually compounded 
.
Substitute all the values in the equation.
Therefore,the rate of interest is 
.
The rate of interest is 
.
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