SOLUTION: the formula a=p(1+r)2 gives the amount A dollar that P dollars will grow to in 2 years at interest rate R (when R is given as a decimal) using compound interest what interest rate

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Question 360654: the formula a=p(1+r)2 gives the amount A dollar that P dollars will grow to in 2 years at interest rate R (when R is given as a decimal) using compound interest what interest rate will cause 3000 to grow to 3182.70 in two years?
Found 2 solutions by stanbon, nerdybill:
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
the formula a=p(1+r)2 gives the amount A dollar that P dollars will grow to in 2 years at interest rate R (when R is given as a decimal) using compound interest what interest rate will cause 3000 to grow to 3182.70 in two years?
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3182.70 = 3000(1+r)^2
----
1.0609 = (1+r)^2
1+r = 1.03
r = 0.03 = 3%
==============
Cheers,
Stan H.

Answer by nerdybill(7384) About Me  (Show Source):
You can put this solution on YOUR website!
the formula a=p(1+r)2 gives the amount A dollar that P dollars will grow to in 2 years at interest rate R (when R is given as a decimal) using compound interest what interest rate will cause 3000 to grow to 3182.70 in two years?
.
Plug in what's given into:
a=p%281%2Br%29%5E2
3182.70=3000%281%2Br%29%5E2
Solve for r:
3182.70%2F3000=%281%2Br%29%5E2
sqrt%283182.70%2F3000%29+=+1%2Br
sqrt%283182.70%2F3000%29+-+1+=+r
sqrt%281.0609%29+-+1+=+r
1.03+-+1+=+r
.03+=+r
or,
r = 3%