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Solve:  the sum of $2000 is invested at interest-rate r, compounded annually, in 2 years it grows to $2880. what is the interest rate?

Solve:  the sum of $2000 is invested at interest-rate r, compounded annually, in 2 years it grows to $2880. what is the interest rate?
asked 101k views
2 votes
Solve: 

the sum of $2000 is invested at interest-rate r, compounded annually, in 2 years it grows to $2880. what is the interest rate?

asked
User Bart Bergmans
by
7.8k points

1 Answer

1 vote
The formula we can use is A=P(1+rt)

A =accumulated value, P=principal, r=rate, t=time(years)

2880=2000(1+r*2)
2880=2000+4000r
800=4000r
r=880/4000=0.22
interest rate 22%
answered
User MattTheHack
by
7.9k points
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