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
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