The interest rate will be equal to 24% in 2 years.
<h3>What is compound interest?</h3>Compound interest is the interest levied on the interest. The formula for the calculation of compound interest is given as:-
Given that:-
- Find the interest rate if $32 increased to $50 in 2 years.
The interest rate will be calculated by using the following formula:-
1.56 = ( 1 + r )²
√1.56 = ( 1 + r )
r = 1.24 - 1
r = 0.24
r = 24%
Therefore interest rate will be equal to 24% in 2 years.
To know more about Compound interest follow
#SPJ1