Question

Use the formula, A=P(1+rt)
A=$1620
P=$1500
t=4 years

Answer 1

27%?

Answer 2

Substitute the values into your equation

1620=1500(1+r(4))
Distribute
1620 = 1500 + 1500(4r)
Simplify and solve for r

Answer 3

It's a little smaller than the answer you've got. Jackellyn's answer has the method down.

Answer 4

7.4?

Answer 5

wait hold on i solved wrong

Answer 6

is it 0.02?

Answer 7

0.02 is correct @monroe17

Answer 8

0.02% or 2%?

Answer 9

As there are no percents in the original equation, the answer of 0.02 is not a percent.

The correct answer would be 0.02.

2% is a little confusing because we might not know what it is 2% of...

Answer 10

but the rate is in percentage..

Answer 11

Fair enough, then. You know the problem and the course better than I. If there's no risk of confusion, go for it!

Answer 12

Having reread the problem - the use of a percent here would be perfectly natural.

Answer 13

Yeah, I got it correct. Thanks:)