SOLUTION: Henry invested $12,000.00 in a new restaurant. When the restaurant was sold two years later, he received, $27,000.00. find the average annual return by solving the equation 12,000
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Question 304576: Henry invested $12,000.00 in a new restaurant. When the restaurant was sold two years later, he received, $27,000.00. find the average annual return by solving the equation 12,000 (1 + r)^2=27,000
Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!
12,000 (1 + r)^2=27,000
Take the square root of both sides:
r = 0.50 (or, 50%)
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