Discover the answers you need at Westonci.ca, a dynamic Q&A platform where knowledge is shared freely by a community of experts. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.
Sagot :
the yearly increase of x% assumes is compounding yearly, so let's use that.
[tex]~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\dotfill &\£95000\\ P=\textit{original amount deposited}\dotfill &\£80000\\ r=rate\to r\%\to \frac{r}{100}\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{yearly, thus once} \end{array}\dotfill &1\\ t=years\dotfill &5 \end{cases}[/tex]
[tex]95000=80000\left(1+\frac{~~ \frac{r}{100}~~}{1}\right)^{1\cdot 5}\implies \cfrac{95000}{80000}=\left( 1+\cfrac{r}{100} \right)^5 \\\\\\ \cfrac{19}{16}=\left( 1+\cfrac{r}{100} \right)^5\implies \sqrt[5]{\cfrac{19}{16}}=1+\cfrac{r}{100}\implies \sqrt[5]{\cfrac{19}{16}}=\cfrac{100+r}{100} \\\\\\ 100\sqrt[5]{\cfrac{19}{16}}=100+r\implies 100\sqrt[5]{\cfrac{19}{16}}-100=r\implies 3.5\approx r[/tex]
Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.
