SOLUTION: how do you find the interest rate of this account math word problem? Serena places $2000 in an interest-earning account where the interest compounds annually,after twoyears there i

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Question 1154320: how do you find the interest rate of this account math word problem? Serena places $2000 in an interest-earning account where the interest compounds annually,after twoyears there is $2130.60in the account> use this formula $2000(1+r)^2=2123.60
Found 2 solutions by MathLover1, MathTherapy:
Answer by MathLover1(20855) About Me  (Show Source):
You can put this solution on YOUR website!

2000%281%2Br%29%5E2=2123.60.....find the interest rate, solve for r
%281%2Br%29%5E2=2123.60%2F2000
%281%2Br%29%5E2=1.0618
%281%2Br%29=sqrt%281.0618%29
1%2Br=1.03044
r=1.03044-1
r=0.030437 => r=3.044%

Answer by MathTherapy(10810) About Me  (Show Source):
You can put this solution on YOUR website!
how do you find the interest rate of this account math word problem? Serena places $2000 in an interest-earning account where the interest compounds annually,after twoyears there is $2130.60in the account> use this formula $2000(1+r)^2=2123.60
matrix%281%2C3%2C+%222%2C000%22%281+%2B+r%29%5E2%2C+%22=%22%2C+%222%2C123.60%22%29

       matrix%281%2C3%2C+%281+%2B+r%29%5E2%2C+%22=%22%2C+%222%2C123.6%22%2F%222%2C000%22%29

       matrix%281%2C3%2C+1+%2B+r%2C+%22=%22%2C+sqrt%28%222%2C123.6%22%2F%222%2C000%22%29%29

       Interest rate, or