A company invests $15,000.00 in an account that compounds interest annually. After two years, the account is worth $16,099.44. Use the function, where r is the annual interest rate, P is the principal, and A is the amount of money after t years. What is the interest rate of the account?

1.04%
3.6%
5.4%
7.3%

Question

A company invests $15,000.00 in an account that compounds interest annually. After two years, the account is worth $16,099.44. Use the function, where r is the annual interest rate, P is the principal, and A is the amount of money after t years. What is the interest rate of the account?  

1.04%
3.6%
5.4%
7.3%

nottim · Answer

So...Compund interest huh?

nottim · Answer

I think its rather just plug and play here.

nottim · Answer

You do know/have the equation required?

nottim · Answer

If not, google will help, I hope.

anonymous · Answer

no, my teacher just gave us this problem to slove

nottim · Answer

no notes, textbook? Ok, google it is I guess.

anonymous · Answer

ok, i'm google it

nottim · Answer

http://math.about.com/od/formulas/a/compound.htm

nottim · Answer

The variables are different, but I think you're smart enough to figure which vales go with which variables.

nottim · Answer

hello? you good?

nottim · Answer

you alive? do i need to call the ambulance again?

anonymous · Answer

sorry, yeah just got off for a bit, and thanks i figuried it out...i think