Math Word Problem

Question

What annual interest rate is required for a debt to grow by 34% in 480 weeks if interest compounds weekly?

Round your answer to the nearest tenth of a percent. 

Answer 1

Just use your normal compound interest formula to find r. The weekly rate is 1/52 the annual rate, right? You need

(1 + r/52)⁴⁸⁰ = 1.34

r = 0.0317 = 3.17%