document.write( "Question 885579: Harry deposits $2000 in a saving account that compounds annually, and plans to leave the money in the account for 2 years. If Harry wants his account to increase in value to $3300, then the interest rate must be greater than what percent?
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Algebra.Com's Answer #535250 by lwsshak3(11628)\"\" \"About 
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Harry deposits $2000 in a saving account that compounds annually, and plans to leave the money in the account for 2 years. If Harry wants his account to increase in value to $3300, then the interest rate must be greater than what percent?
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\n" ); document.write( "Compound Interest Formula: A=P(1+i)^n, P=initial investment, i=interest rate per compounding period, n=number of periods, A=amount after n-periods.
\n" ); document.write( "For given problem:
\n" ); document.write( "P=2000
\n" ); document.write( "i=to be determined
\n" ); document.write( "n=2
\n" ); document.write( "A=3300
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\n" ); document.write( "\n" ); document.write( "3300=2000(1+i)^2
\n" ); document.write( "3300/2000=(1+i)^2
\n" ); document.write( "33/20=(1+i)^2
\n" ); document.write( "take sqrt of both sides
\n" ); document.write( "√(33/20)=1+i
\n" ); document.write( "i=√(33/20)-1=0.2845 (rounded)
\n" ); document.write( "interest rate must be greater than what percent? 28.45%
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