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

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Question 361010: the formula A=P(1+r)2 gives the amount A in dollars that P dollars will grow to in 2 years at int rate R (where R is given as a decimal) using compound interest what int. rate will cause $6000.00 to grow $6741.60 in 2 years ?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
A+=+P%2A%281+%2B+R%29%5E2
given:
A+=+6741.6
P+=+6000
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6741.6+=+6000%2A%281+%2B+R%29%5E2
%281+%2B+R%29%5E2+=+1.1236
1+%2B+R+=+sqrt%281.1236%29
R+=+1.06+-+1
R+=+.06
The interest rate is 6%