Math Problem Statement
If you save $2500 today and you want to have $4000 in 4 years, what interest rate do you need to earn?
Assume annual compounding. Round to one decimal place.
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponential Growth
Formulas
Future Value Formula for Compound Interest: FV = PV * (1 + r)^n
Theorems
Compound Interest Theorem
Suitable Grade Level
Grades 10-12
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