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I know that I posted a similar question yesterday, but I am still confused about how to solve this.

$1000 grows to $1440 in 2 years.

My teacher taught us a way that involved square roots. Please help if you can! Thank you soo much!

  • Algebra -

    1440/1000 = 1.44 = (1+i)^2
    1 + i = sqrt(1.44) = 1.2
    i = 0.2 or 20% compound annual interest

    The taking of a square root only works if the time on deposit is two years.

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