SOLUTION: Use P(l+r)^t to find the interst rate r. Round to nearest hundredth $8000 (P) grows to $8487 (A) in 2 years (t). Assume that interest is compounded annually.

Question 299197: Use P(l+r)^t to find the interst rate r. Round to nearest hundredth
$8000 (P) grows to $8487 (A) in 2 years (t). Assume that interest is compounded annually.
Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!
Use P(l+r)^t to find the interst rate r. Round to nearest hundredth
$8000 (P) grows to $8487 (A) in 2 years (t). Assume that interest is compounded annually.
.
Plug given data into:

.
Solution:
interest is 3.00% (to the nearest hundredth)
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