MATH SOLVE

6 months ago

Q:
# the amount of money A in a acount in which P dollars is invested for 2 years is given by the formula A=P(1+r)^2, where r is the interest rate compounded annually. If an investment of $800 in the account grows to $882 in two years, at what interest rate was it invested

Accepted Solution

A:

Answer:5%Step-by-step explanation:A = P (1 + r)²882 = 800 (1 + r)²882 / 800 = (1 + r)²√(882 / 800) = 1 + rr = √(882 / 800) − 1r = 0.05The rate is 5%.