Answer:
r = 4% at this rate a principal of 12,800 returns 16,843.93 in seven years
Explanation:
We will calculate the interest rate at which a principal of 12,800 return 16,843.93 in seven years
[tex]Principal \: (1+ r)^{time} = Amount[/tex]
Principal 12,800
time 7 years
rate ?
Amount 16,843.93
[tex]12800 \: (1+ r)^{7} = 16,843.93[/tex]
[tex](1+r)^{7} = 16,843.93\div12,800\\\\r =\sqrt[7]{16,843.93\div12,800} -1[/tex]
r = 0.0400
r = 4%
