Respuesta :
Answer:
The value of x is 4%
Step-by-step explanation:
Given principal amount = 4000
Time = 7 years
Future amount = 5,263.73
Rate of interest = x
Formula for compound interest
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
Now put the values in the formula
[tex]5,263.73=4000(1+\frac{x}{1})^{1\times 7}[/tex]
[tex]5,263.73=4000(1+\frac{x}{1})^{7}[/tex]
[tex]5,263.73=4000(1+x)^{7}[/tex]
[tex]\frac{5263.70}{4000}=(1+x)^7[/tex]
[tex]1.3159=(1+x)^7[/tex]
[tex](1.3159)^{\frac{1}{7}}=1+x[/tex]
[tex]x=(1.3159)^{\frac{1}{7}}-1[/tex]
x = 1.04 - 1
x = 0.04 or 4%
The value of x is 4%
