SOLUTION: Formula: A=Pe^rt a) How much money would need to be deposited at 2.25 percent interest in order to have $2000 account in 10 years? b) By how much does the account grow each yea

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Question 757765: Formula: A=Pe^rt
a) How much money would need to be deposited at 2.25 percent interest in order to have $2000 account in 10 years?
b) By how much does the account grow each year at 3 percent interest? Round to the nearest hundredth of one percent.
Answer by josgarithmetic(39613) About Me  (Show Source):
You can put this solution on YOUR website!
The formula you want is A=Pe%5E%28rt%29. Solve for P.

P=A%2F%28e%5E%28rt%29%29

Use r in its decimal form. Substitute the given values and compute P.