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DETAILS LARCPALGFL2 10.1.100.

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The amount A in an account after 2 years when a principal of P dollars is invested at annual interest rate r (in decimal form) compounded annually is given by A = P(1 + r). Find r.
P= $3000, A = $3499.20
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Answer 1

Explanation:

The amount A in an account after 2 years when a principal of P dollars is invested at annual interest rate r (in decimal form) compounded annually is given by A = P(1 + r). Find r.

P= $3000, A = $3499.20. Explain

r = (3499.20 - 3000) / 3000 = 0.1664

Therefore, the annual interest rate r (in decimal form) is 0.1664.