What interest rate will cause $4000 to grow to $4494.40 in 2 years?

User Generated

UnybYbir

Mathematics

Question Description

The formula A=P1+r2 gives the amount A in dollars that P dollars will grow to in 2 years at interest rate r where r is given as a decimal), using compound interest. What interest rate will cause $4000 to grow to $4494.40 in 2 years?

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Explanation & Answer

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Interest is 4494.4-4000

which gives 494.4

r square is 3505.6

rate is 59.2

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OHATBZN (38)
UC Berkeley

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