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aisha
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Maria received $50 on her 16th birthday, and $70 on her 17th birthday, both of which she immediately invested in the bank with interest compounded annually. On her 18th Birthday, she had 134.97 in her account. Draw a time line and calculate the annual interet rate.
How would you draw a time line for this problem?
$50__________$70______________FV
16th_________17th_____________
.........50(1+i)^16
......70(1+i)^17
How do u calculate the annual interest rate?
How would you draw a time line for this problem?
$50__________$70______________FV
16th_________17th_____________
.........50(1+i)^16
......70(1+i)^17
How do u calculate the annual interest rate?