Find the rate r at which 4000 compounded annually grows to 6760 in 2 years. If interest is compounded annually the formula for the amount to be repaid is. For example at 4 interest r would be 004.
The given equation is.
I P 1 rt - 1 I P 1 0053 - 1 I P0157625. R 004 and t10 in the given formula we get. Log 100 log 1r 40 Now using a property of logs. 4000000 40000 1r 40.