Answer :
Answer:
r = 129.1 %
Step-by-step explanation:
Using the compounding formula:
A = P (1 + r/t)^nt
$12, 543 = $7178 (1 + r/12)^12(7)
-7178
$5365 = (1 + r/12)^84
[tex]\sqrt[84]{5365}[/tex] = [tex]\sqrt[84]{(1 +\frac{r}{12})^{84}}[/tex]
1.107642572 = 1 + r/12
(0.108 = r/12) (12)
r = 1.2917 = 129.1 %
