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The value of a ring ($1000) increases exponentially so that it has a value of $3,000 after 5 years. Find the rate.

The value of a ring ($1000) increases exponentially so that it has a value of $3,000 after 5 years. Find the rate.
asked 7.5k views
4 votes
The value of a ring ($1000) increases exponentially so that it has a value of $3,000 after 5 years. Find the rate.

asked
User Andy Zarzycki
by
8.9k points

1 Answer

5 votes

Answer:
\sqrt[5]{3}-1

Explanation:

Let the annual rate of increase be
r.


3000=1000(1+r)^5\\\\3=(1+r)^5\\\\\sqrt[5]{3}=1+r\\\\r=\sqrt[5]{3}-1

answered
User Chandan Nayak
by
7.8k points
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