Question

I need help please explain how to find the answer. thanks

Answer 1

Step-by-step explanation:

To find r (annual interest rate); we must solve the formula in the following way:

A= Is the final value that would be obtained after two years

P=It is the current value that you have

T=Number of periods or time

`\begin{gathered} A=P(1+r)^t \\ To\text{ find r} \\ r=((A)/(P))^{(1)/(T)}\text{ -1} \\ \text{Now we must }replace\text{ }the\text{ values }given\text{ in the exercise;} \\ r=((3339)/(3000))^{(1)/(2)}-1 \\ r=(1.113)^(0.5)-1 \\ r=1.054-1 \\ r=0.054 \\ \text{ANSWER: The annual interest rate is 0.054 and }in\text{ percentage is} \\ 0.054*100=5.4\text{ percent} \end{gathered}`