SOLUTION: Can you help me solve this problem:
$2500 grows to $2704 in 2 years. Use the formula A = P(1 + r)^t to find the interest rate.
Algebra.Com
Question 311086: Can you help me solve this problem:
$2500 grows to $2704 in 2 years. Use the formula A = P(1 + r)^t to find the interest rate.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Start with the given formula:
^t)
Then plug in the values we know:
^2)
^2\ =\ \frac{2704}{2000})
Take the root (forget about the negative root, we certainly aren't looking for a negative interest rate):
The arithmetic is yours to do. Ask your teacher/instructor/professor where to get this interest rate. Wow, I want a piece of that!
John
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