What annual interest rate is required for a debt to grow by 57.6% in 349 week if interest compounds weekly?

Natalya Mayer

Natalya Mayer

Answered question

2022-09-10

What annual interest rate is required for a debt to grow by 57.6% in 349 week if interest compounds weekly?

Answer & Explanation

Vicente Macias

Vicente Macias

Beginner2022-09-11Added 15 answers

We have time = 349 week.
Let the debt lee P and interest sale per yeaar be r.
So, rate per week will be r 52.14
we know that interest
r = 57.6 × 52.14 349 = 8.606

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