Answer:
The annual interest rate do you need is 34.77%
Explanation:
for: A is the future value
P is the present value
r is the rate of interest
n is the time period.
Then, the annual interest can be found by:
A = P(1 + r/52)^(52*n)
6000 = 3000*(1 + r/52)^(52*2)
(6000/3000)^(1/104) = (1 + r/52)
(1 + r/52) = 1.006687136
r = (1.006687136 - 1)*52
= 34.77%
Therefore, The annual interest rate do you need is 34.77%
