Question

Y=2(1 + 0.15)²The question is what is the rate as a percentage?

Answer 1

We have to express Y as a percentage.

We have this expression for Y:

`Y=2(1+0.15)^2`

We first solve this expression:

`\begin{gathered} Y=2(1.15)^2 \\ Y=2*1.3225 \\ Y=2.645 \end{gathered}`

Now, to express this as a percentage we multiply the number by 100%:

`\begin{gathered} Y=2.645*100\% \\ Y=264.5\% \end{gathered}`

Answer: 264.5%