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24-05-2015
Mathematics

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

Answer :

24-05-2015

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%

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