SOLUTION: In section titled: Solving Quadratic Equations by Factoring
96. Venture capital. Henry invested $12,000 in a new restaurant. When the restaurant was sold two years later, he rec
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Question 133548This question is from textbook Elementary and Intermediate Algebra
: In section titled: Solving Quadratic Equations by Factoring
96. Venture capital. Henry invested $12,000 in a new restaurant. When the restaurant was sold two years later, he received $27,000. Find his average annual return by solving the equation 12,000(1+r)^2=27,000
Thanks for the help.
This question is from textbook Elementary and Intermediate Algebra
Answer by checkley71(8403) (Show Source): You can put this solution on YOUR website!
12000(1+R)^2=27000
(1+R)^2=27000/12000
(1+R)^2=2.25
1+2R+R^2=2.25
R^2+2R+1-2.25=0
R^2+2R-1.25=0
(R-.5)(R+2.5)=0
5-.5=0
R=.5 OR 50% IS THE ANNUAL RETURN.
PROOF:
12000(1+.5)^2=27000
12000(1.5)^2=27000
12000*2.25=27000
27000=27000
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