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October 24, 2014

October 24, 2014

Posted by **Faith** on Tuesday, May 12, 2009 at 5:41pm.

$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 -
**drwls**, Tuesday, May 12, 2009 at 7:59pm1440/1000 = 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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