Math Problem Statement
An investment grows by (y%) annually. If the initial investment is $5,000 and it grows to $6,000 in 2 years, find the annual growth rate (y).
Solution
Ask a new question for Free
By Image
Drop file here or Click Here to upload
Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponential Growth
Formulas
Compound interest formula A = P (1 + r/n)^(nt)
Exponential growth formula
Theorems

Suitable Grade Level
Grades 1012
Related Recommendation
Calculate Annual Growth Rate from $8,000 to $10,000 in 3 Years
Continuous Compound Interest Calculation for a $5,000 Investment at 6% Rate
Calculate Initial Investment for $8000 in 5 Years with 5% Compounded Monthly
Compound Interest: Calculate Time to Reach $10500 from $5000 with 5% Interest
Calculate the Interest Rate Needed to Double $5,000 in 8 Years with Compound Interest