A community for students.

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

anonymous

  • 5 years ago

Last one for the night and my homework is done. Woohoo. :) When P dollars is invested at interest rate i, compounded annually, for t years, the investment grows to A dollars, where A=P(1 + i)^t. Find the interest rate if $2490 grows to $3630 in 2 years. Round your answer to the nearest hundredth of a percent.

  • This Question is Closed
  1. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    3630/2490 = x^2 +2x+1

  2. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    go from there

  3. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    \[2490(1+i)^2=3630\] \[(1+i)^2=\frac{3630}{2490}=1.4578\]

  4. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    \[1+i=\sqrt{1.4578}\] \[i=\sqrt{1.4578}-1\]

  5. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    \[i=.2074\] or 20.74% i would love to get that!

  6. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    hope this helped you get through the assignment.

  7. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    you are really good. thanks man.

  8. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    welcome. oh one more thing. if you are going to solve \[(x+1)^2=somthing\] don't multiply out. just take \[x+1=\pm\sqrt{something}\]

  9. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    we didn't need the minus here because we wanted a positive answer

  10. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ok. will remember. my head hurts. haha. thanks

  11. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    welcome

  12. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.