SOLUTION: At what interest rate will $500 grow to $572.45 on 2 yrs? using A = P(1+r)^2

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Question 968670: At what interest rate will $500 grow to $572.45 on 2 yrs?
using A = P(1+r)^2
Answer by MathLover1(20849) About Me  (Show Source):
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At what interest rate will $500 grow to $572.45 on 2 yrs?
using A+=+P%281%2Br%29%5E2, we have
572.45+=+500%281%2Br%29%5E2
572.45%2F+500=%281%2Br%29%5E2
1.1449=%281%2Br%29%5E2
sqrt%281.1449%29=sqrt%28%281%2Br%29%5E2%29
sqrt%281.1449%29=1%2Br
1.07=1%2Br
1.07-1=r
r=0.07 or 7%
check:
first year 500%2B500%2A0.07=500%2B35=535
second year 535%2B535%2A0.07=535%2B37.45=572.45