Last year jo paid £245 for her car insurance. This year she paid£883 for her car insurance. What was the percentage increase
1 answer:
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P = principal amount = <span>$13,824
</span>t = time = 2 years
A = final amount = <span>$20,184
</span>
$20,184 = ($13,824)(1 + r)^2
(1 + r)^2 = $20,184/$13,824
(1 + r)^2 = about 1.46
1 + r =
1 + r = about 1.2
r = 1.2 - 1
r = 0.2
so about 20% annually
</span>t = time = 2 years
A = final amount = <span>$20,184
</span>
$20,184 = ($13,824)(1 + r)^2
(1 + r)^2 = $20,184/$13,824
(1 + r)^2 = about 1.46
1 + r =
1 + r = about 1.2
r = 1.2 - 1
r = 0.2
so about 20% annually