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Solve: the sum of $2000 is invested at interest-rate r, compounded annually, in 2 years it grows to $2880. what is the interest rate?
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Solve: the sum of $2000 is invested at interest-rate r, compounded annually, in 2 years it grows to $2880. what is the interest rate?
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Jun 1, 2016
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Solve:
the sum of $2000 is invested at interest-rate r, compounded annually, in 2 years it grows to $2880. what is the interest rate?
Mathematics
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Bart Bergmans
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The formula we can use is A=P(1+rt)
A =accumulated value, P=principal, r=rate, t=time(years)
2880=2000(1+r*2)
2880=2000+4000r
800=4000r
r=880/4000=0.22
interest rate 22%
MattTheHack
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Jun 6, 2016
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MattTheHack
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