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Stacey buys a $1000 RRSP today. After one year she adds $2500. By the end of the second year, the money has grown to $3851 as it has earned interest over time. What rate of interest does the money earn?

1000x^2 + 2500x - 3851

Use the quadratic formula above and your calculator to solve for x and i.

There are two solutions to the quadratic equation. Which one would you choose? Why?

  • Math -

    Choose the solution that makes sense. Most of the time only the positive solution makes sense.

  • Math -

    Simple example:

    I drop a ball from 16 feet up. Its height can be modeled as h = -16t^2 + 16, where h = height in feet and t = time in seconds. When will the ball hit the ground?

    16t^2 - 16 = 0
    t = -1, 1

    It took -1 second? No way.
    It took 1 second? Yes!

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