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adam put $100 in a savings account after 10 years he had $1649 in the account what rate of interest did he earn? use the formula a=pe^rt where a is the ending amount p is the principal (initial amount) r is the interest rate and t is the time

Respuesta :

apologiabiology
using the formula
ending amount is 1649=a
p=initial amount=100
t=10
r=r

so
1649=100e^{10r}
divide both sides by 100
16.49=e^{10r}
take ln of both sides
ln(16.49)=10r
divide both sides by 10
(ln(16.49))/10=r
use calculator
0.28027=r
about 28% interest

The rate of interest earned on the amount deposited in the savings account is  32.3%.

What is the rate of interest?

Given the formula that is used to determine the future value of the account, it can be said that the account earns a compound interest.

Interest rate = (FV / PV)^(1 / n) - 1

Where:

  • FV = future value of the account
  • PV = present value of the account
  • n = number of years

(1649/100)^(1/10) - 1 = 32.3%

To learn more about interest rate, please check: https://brainly.com/question/14935026

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