SOLUTION: The formula A=P(1+r)^2 gives the amount A in dollars that P dollars will grow to in 2 years at interest rate (where r is given as a decimal), using compound interest. What interest
Question 1062458: The formula A=P(1+r)^2 gives the amount A in dollars that P dollars will grow to in 2 years at interest rate (where r is given as a decimal), using compound interest. What interest rate will cause $5000 to grow to $ 5356.13 in 2 years? Answer by josmiceli(19441) (Show Source):
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Take the square root of both sides
This is the rate as a decimal.
The rate as a percent is:
3.5%
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check:
OK
