SOLUTION: what annual interest rate is needed for a principal of $3000 to grow to $5500 in three years

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Question 187050: what annual interest rate is needed for a principal of $3000 to grow to $5500 in three years
Answer by stanbon(75887) About Me  (Show Source):
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what annual interest rate is needed for a principal of $3000 to grow to $5500 in three years
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Interest = Prt
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Your interest is 5500-3000 = 2500
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2500 = 3000r*3
r = 2500/9000
r = 0.2778
rate = 27.78%
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