document.write( "Question 180634: Simple Interest
\n" ); document.write( "For $1000 to grow to more than $1500 in two years, what must the simple interest rate be?
\n" ); document.write( "I really need help with the set up and steps on this please! Thanks! \n" ); document.write( "

Algebra.Com's Answer #135393 by Fombitz(32388) $\"\"$ $\"About$

You can put this solution on YOUR website!
First year
\n" ); document.write( " $\"N%5B1%5D=1000%2A%281%2BI%29\"$
\n" ); document.write( "Second year
\n" ); document.write( " $\"N%5B2%5D=N%5B1%5D%2A%281%2BI%29\"$
\n" ); document.write( " $\"N%5B2%5D=1000%2A%281%2BI%29%5E2=1500\"$
\n" ); document.write( " $\"%281%2BI%29%5E2=1.5\"$
\n" ); document.write( " $\"%281%2BI%29=sqrt%281.5%29\"$
\n" ); document.write( " $\"I=sqrt%281.5%29-1\"$
\n" ); document.write( "or approximately
\n" ); document.write( " $\"I=1.225-1=0.225\"$
\n" ); document.write( "You would need an interest rate of 22.5% to take $1000 to $1500 in two years. \n" ); document.write( "

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