Math Problem Statement

What was the interest rate if your balance on an investment of P27,750 at the end of six years is P41,070?

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Exponents
Algebra

Formulas

A = P(1 + r)^t
r = (A / P)^(1 / t) - 1

Theorems

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Suitable Grade Level

Grades 10-12