SOLUTION: find the intrest rate using a=p(1+r)^t $2560 grows to $4840.00 in 2 years

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Question 63770: find the intrest rate using a=p(1+r)^t $2560 grows to $4840.00 in 2 years
Answer by josmiceli(6786) About Me  (Show Source):
You can put this solution on YOUR website!
a+=+p%281%2Br%29%5Et
p = 2560
a = 4840
t = 2
4840+=+2560%281%2Br%29%5E2
log%284840%29+=+log%282560%29+%2B+2%2Alog%281+%2B+r%29
3.685+=+3.408+%2B+2%2Alog%281+%2B+r%29
2%2Alog%281+%2B+r%29+=+.277
log%281+%2B+r%29+=+.138
1+%2B+r+=+10%5E.138
1+%2B+r+=+1.375
r+=+.375
The rate is 37.5 %
check
4840+=+2560%281%2Br%29%5E2
4840+=+2560%281%2B.375%29%5E2
4840+=+2560%2A1.890
4840+=+4838 pretty close, I rounded off calculations