Adam put $100 in a savings account. After 10 years, he had $1649 in the account. What rate of interest did he earn? Use the formula A = Pert, where A is the ending amount, P is the principal (initial amount), r is the interest rate, and t is time.
The formula is A=p e^rt A future value 1649 P present value 100 R interest rate? T time 10 years E constant Solve the formula for r R=[log (A/p)÷log (e)]÷t R=(log(1,649÷100)÷log(e))÷10 R=0.28×100 R=28%
