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April 16, 2014

April 16, 2014

Posted by **Kim** on Saturday, October 10, 2009 at 12:36pm.

- finance -
**jim**, Saturday, October 10, 2009 at 1:01pmI like this question :-)

Let's assume interest is compounded annually.

After one year, the value will be 10,477.03 * x, where x is 1 + (interest rate implicitly divided by 100).

After two years, it will be

10,477.03 * x * x, because we increase it by the same percent again. And we want that to be 13,217.74

So

10477.03 * x * x = 13217.74

x^2 = 13217.74/10477.03

and your calculator will take it from there.

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