SOLUTION: You have $2,000 to invest, and want it to grow to $3,000 in two years. What interest rate would you need to find to make this possible?

SOLUTION: You have $2,000 to invest, and want it to grow to $3,000 in two years. What interest rate would you need to find to make this possible?

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Question 1165915: You have $2,000 to invest, and want it to grow to $3,000 in two years. What interest rate
would you need to find to make this possible?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
With simple interest I=prt and need 1000 of interest in 2 years,
I=prt
1000=2000*2*r
1000/4000=r
r=0.25 or 25%.
For compounding, need a different formula but done basically the same way.
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