3. 5 points
2 answers:
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We can display the information given as an equation:
2000 *
= 4000; r = increase per annum
Now, we rearrange and solve for r:
= 2
r =![\sqrt[19]{2}](https://tex.z-dn.net/?f=%20%5Csqrt%5B19%5D%7B2%7D%20)
= 1.037.....
We can now work out the increase for 5 years like so:
2000 *
= 2400.205..... ⇒ $2400
2000 *
Now, we rearrange and solve for r:
r =
We can now work out the increase for 5 years like so:
2000 *