document.write( "Question 148069: The fromula A=P(1+r)^t gives the amount A in dollars that P dollars will grow to in two years at interest rate r using compound interest. What interest rate will cause $6235.75 to grow to $8612.88 in two years? Round your answers here to the nearest tenth of a percent. \n" ); document.write( "
Algebra.Com's Answer #108460 by nerdybill(7384)\"\" \"About 
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The fromula A=P(1+r)^t gives the amount A in dollars that P dollars will grow to in two years at interest rate r using compound interest. What interest rate will cause $6235.75 to grow to $8612.88 in two years? Round your answers here to the nearest tenth of a percent.
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\n" ); document.write( "The problem gives a formula of:
\n" ); document.write( "A=P(1+r)^t
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\n" ); document.write( "It also provides:
\n" ); document.write( "P = $6235.75
\n" ); document.write( "A = $8612.88
\n" ); document.write( "t = 2 years
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\n" ); document.write( "Simply plug in the above into the provided formula and solve for unknown (r):
\n" ); document.write( "A=P(1+r)^t
\n" ); document.write( "8612.88 = 6235.75(1+r)^2
\n" ); document.write( "dividing both sides by 6235.75 we get:
\n" ); document.write( "1.3812 = (1+r)^2
\n" ); document.write( "take the \"square root\" of both sides to get:
\n" ); document.write( "1.1752 = 1+r
\n" ); document.write( "subtract 1 from both sides to get:
\n" ); document.write( ".1752 = r
\n" ); document.write( ".
\n" ); document.write( "answer: 17.5%\r
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