On January 1, 2003, Jack invested $5,000 at r percent interest rate, compounded annually. What is the value of r?
P = 5000, Rate, r = ?
Amount at the end of 2003,\( A_{2003} =P*(1+\frac{r}{100} ) + P =5000(1+\frac{r}{100} ) +5000\)
(1) The investment plus the total interest at the end of 2004 was $550 more than the amount at the end of2003.
\( A_{2004} - A_{2003} =5000*(1+\frac{r}{100} )^2 + 5000 -5000(1+\frac{r}{100} ) - 5000=550\)
\( 5000*x^2 - 5000x =550\)
'x' can be solved
SUFFICIENT.
(2) The investment plus the total interest at
...
P = 5000, Rate, r = ?
Amount at the end of 2003,\( A_{2003} =P*(1+\frac{r}{100} ) + P =5000(1+\frac{r}{100} ) +5000\)
(1) The investment plus the total interest at the end of 2004 was $550 more than the amount at the end of2003.
\( A_{2004} - A_{2003} =5000*(1+\frac{r}{100} )^2 + 5000 -5000(1+\frac{r}{100} ) - 5000=550\)
\( 5000*x^2 - 5000x =550\)
'x' can be solved
SUFFICIENT.
(2) The investment plus the total interest at
...
