SOLUTION: Henry invested $12,000 in a new restarunt. When the restarunt was sold two years later, he recieved $27,000. Find his average annual return by solving the equation: 12,000(l+r)^2=2
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: Henry invested $12,000 in a new restarunt. When the restarunt was sold two years later, he recieved $27,000. Find his average annual return by solving the equation: 12,000(l+r)^2=27,000
This question is from textbook
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
take the log to the base 10 of both sides
Subtract from both sides
This is the same as saying
This says his average annual rate of return was 50%
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