SOLUTION: Henry investe $12,000 is a new restuarant. When the restaurant was sold two years later, he receive $27,000. Find his average annual return by solving 12,000(1+r) = $27,000

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Question 58656This question is from textbook
: Henry investe $12,000 is a new restuarant. When the restaurant was sold two years later, he receive $27,000. Find his average annual return by solving 12,000(1+r) = $27,000This question is from textbook

Answer by funmath(2873) (Show Source):
You can put this solution on YOUR website!
Henry investe $12,000 is a new restuarant. When the restaurant was sold two years later, he receive $27,000. Find his average annual return by solving 12,000(1+r) = $27,000
I think you may be missing a t, if not:
12,000(1)+12,000r=27,000
12,000+12,000r=27,000
-12,000+12,000r=27,000-12,000
12,000r=15,000
12,000r/12,000=15,000/12,000
r=15/12
r=5/4
r=1.25
r=125%
If you want the actual amount of money per year, you could multiply 1.25*12,000=$15,000
Happy Calculating!!!