SOLUTION: Venture capital. Henry invested $12,000 in a new restaurant. When the restaurant was sold two years later, he received $27,000. Find his average annual return by solving the equ

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Question 200496This question is from textbook Elementary and Intermediate Algebra
: Venture capital. Henry invested $12,000 in a new
restaurant. When the restaurant was sold two years
later, he received $27,000. Find his average annual
return by solving the equation 12,000(1 + r)2 =
27,000. This question is from textbook Elementary and Intermediate Algebra

Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
I think I would use i=Prt
i=amount of interest
P=principal
r=%
t=time
15000=12000*r*2
15000/12000=2r
1.25=2r
1.25/2=.625
r=62.5%