SOLUTION: Henry invested 12,000 in a new restaurant. When the restaurant was sold two years later, he recieved 27,000. Find his average annual return by solving the equation 12,000(1+r)^2= 2
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Question 327740: Henry invested 12,000 in a new restaurant. When the restaurant was sold two years later, he recieved 27,000. Find his average annual return by solving the equation 12,000(1+r)^2= 27,000.
Answer by user_dude2008(1862) (Show Source): You can put this solution on YOUR website!
12,000(1+r)^2= 27,000
(1+r)^2= 27000/12000
(1+r)^2=9/4
1+r=sqrt(9/4)
1+r=3/2
r=3/2-1
r=1/2
r=0.5
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