anonymous
  • anonymous
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.
Mathematics
katieb
  • katieb
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anonymous
  • anonymous
3630/2490 = x^2 +2x+1
anonymous
  • anonymous
go from there
anonymous
  • anonymous
\[2490(1+i)^2=3630\] \[(1+i)^2=\frac{3630}{2490}=1.4578\]

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anonymous
  • anonymous
\[1+i=\sqrt{1.4578}\] \[i=\sqrt{1.4578}-1\]
anonymous
  • anonymous
\[i=.2074\] or 20.74% i would love to get that!
anonymous
  • anonymous
hope this helped you get through the assignment.
anonymous
  • anonymous
you are really good. thanks man.
anonymous
  • anonymous
welcome. oh one more thing. if you are going to solve \[(x+1)^2=somthing\] don't multiply out. just take \[x+1=\pm\sqrt{something}\]
anonymous
  • anonymous
we didn't need the minus here because we wanted a positive answer
anonymous
  • anonymous
ok. will remember. my head hurts. haha. thanks
anonymous
  • anonymous
welcome

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