m1233
m1233
29-05-2017
Mathematics
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I'm having trouble answering this question
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akaleti47
akaleti47
29-05-2017
balance= 5000(1+r*t/100)^t -800t where t = no. of years
at t=9, balance becomes 0
0=5000(1+9r/100)^9 -800*9
(1+9r/100)^9=7200/5000=1.44
1+9r/100=1.44^(1/9)=
1.04134
9r/100=0.04134
r= 100*0.04134/9 = 0.459 %
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