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OpenStudy (anonymous):
Similar problem, but still confused... The formula A=P(1+r)^2 gives the amt A in dollars, that P dollars will grow to in 2 years at interest rated r (where r is given as a decimal), using the compound interest? What interest rate will cause 2000 to grow into 2121.80 in two years
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OpenStudy (anonymous):
r = sqrt ( A/P) - 1 = sqrt ( 2121.80 / 2000) - 1 = .03 = 3%
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