Math  /  Algebra

QuestionKyoko has \12,000thatshewantstoinvest.Herbankhasseveralinvestmentaccountstochoosefrom,allcompoundingdaily.Hergoalistohave12,000 that she wants to invest. Her bank has several investment accounts to choose from, all compounding daily. Her goal is to have \14,000 14,000 by the time she finishes graduate school in 6 years. To the nearest hundredth of a percent, what should her minimum annual interest rate be in order to reach her goal? (Hint : solve the compound interest formula for the interest rate.)
The minimum annual interest rate is \square \%.
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Studdy Solution
Convert the interest rate to a percentage and round to the nearest hundredth.
Calculate r r using a calculator:
r0.0271 r \approx 0.0271
Convert to a percentage:
r2.71% r \approx 2.71\%
The minimum annual interest rate is:
2.71% \boxed{2.71\%}

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