If P dollars are invested today at an annual interest rater compounded once a year, then the value of the account A after 2 year s is given by the formula A - P(1 + r)? Find the rate of interest required
1 answer:
9514 1404 393
Answer:
about 7.61%
Step-by-step explanation:
Put the given numbers into the formula and solve for r.
2200 = 1900(1 +r)^2
√(22/19) = 1 +r
r = √(22/19) -1 ≈ 0.076055 ≈ 7.61%
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