Joseph is going to invest $890 and leave it in an account for 15 years. Assuming the interest is compounded annually, what interest rate, to the nearest tenth of a percent, would be required in order for Joseph to end up with $1,710?

To solve this problem, we can use the formula for compound interest, which is:

A = P (1 + r/n)^(nt)

Where: A = the amount of money accumulated after n years, including interest. P = the principal amount (the initial amount of money) r = annual interest rate (in decimal) n = number of times that interest is compounded per year t = time the money is invested for in years

In this case, we know that: A = $1,710 P =$890 n = 1 (since the interest is compounded annually) t = 15 years

We need to find r. So, we can rearrange the formula to solve for r:

r = [(A/P)^(1/nt) - 1]n

Substituting the known values:

r = [(1710/890)^(1/(1*15)) - 1]*1

Now, calculate the expression in the brackets:

= [(1.9213483146067416)^(1/15) - 1]*1

= [1.031113827349413 - 1]*1

= 0.031113827349413

To convert this to a percentage, multiply by 100:

r = 0.031113827349413 * 100

r = 3.1%

So, Joseph would need an interest rate of approximately 3.1% for his investment to grow to $1,710 in 15 years.

To solve this problem, we can use the formula for compound interest, which is:

A = P (1 + r/n)^(nt)

Where: A = the amount of money accumulated after n years, including interest. P = the principal amount (the initial amount of money) r = annual interest rate (in decimal) n = number of times that interest is compounded per year t = time the money is invested for in years

In this case, we know that: A = $1,710 P =$890 n = 1 (since the interest is compounded annually) t = 15 years

We need to find r. So, we can rearrange the formula to solve for r:

r = [(A/P)^(1/nt) - 1]n

Substituting the known values:

r = [(1710/890)^(1/(1*15)) - 1]*1

Now, calculate the expression in the brackets:

= [(1.9213483146067416)^(1/15) - 1]*1

= [1.031113827349413 - 1]*1

= 0.031113827349413

To convert this to a percentage, multiply by 100:

r = 0.031113827349413 * 100

r = 3.1%

So, Joseph would need an interest rate of approximately 3.1% for his investment to grow to $1,710 in 15 years.