SOLUTION: Venture Capital. Henry invested $12,000 in a new restaurant. When the restaurant was sold 2 years later, he received $27,000. Find his average annual return by solving the equation

SOLUTION: Venture Capital. Henry invested $12,000 in a new restaurant. When the restaurant was sold 2 years later, he received $27,000. Find his average annual return by solving the equation

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Question 45570: Venture Capital. Henry invested $12,000 in a new restaurant. When the restaurant was sold 2 years later, he received $27,000. Find his average annual return by solving the equation 12000(1 + r)� = 27000. Please show all work and solution. Thank you.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
12000(1 + r)� = 27000
(1+r)^2=2.25
Take the square root of both sides to get:
1+r=1.5
r=0.5
Cheers,
Stan H.
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