SOLUTION: Simple Interest For $1000 to grow to more than $1500 in two years, what must the simple interest rate be? I really need help with the set up and steps on this please! Thanks!

Question 180634: Simple Interest
For $1000 to grow to more than $1500 in two years, what must the simple interest rate be?
I really need help with the set up and steps on this please! Thanks!
Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!
First year

Second year

or approximately

You would need an interest rate of 22.5% to take $1000 to $1500 in two years.
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