Algebra Question~!

A company invests $15,000.00 in an account that compounds interest annually. After two years, the account is worth $16,099.44. Use the function in which r is the annual interest rate, P is the principle, and A is the amount of money after t years. What is the interest rate of the account? A=P(1+r)^t (1 point)

  1. 👍 0
  2. 👎 0
  3. 👁 86
asked by Gabby
  1. A= P(1+r)^t
    16099.44= 15000(1+r)^2
    16099.44/15000 = (1+r)^2

    sqrt((16099.44/15000) = 1+ r
    sqrt(166099.44/1500) -1 = r
    r = 3.6%

    1. 👍 0
    2. 👎 0
    posted by Kuai

Respond to this Question

First Name

Your Response

Similar Questions

  1. Algebra B

    I can't figure this out, please help... A company invests $15,000.00 in an account that compounds interest annually. After two years, the account is worth $16,099.44. Use the function in which r is the annual interest rate, P is

    asked by Sandra on December 4, 2014
  2. Algebra B PLEASE HELP

    I can't figure this out, please help... A company invests $15,000.00 in an account that compounds interest annually. After two years, the account is worth $16,099.44. Use the function in which r is the annual interest rate, P is

    asked by Sandra on December 4, 2014
  3. Math

    A company invests $15,000.00 in an account that compounds interest annually. After two years, the account is worth $16,099.44. Use the function in which r is the annual interest rate, P is the principal, and A is the amount of

    asked by carmelo on March 15, 2013
  4. Algebra

    A company invests $15,000.00 in an account that compounds interest annually. After two years, the account is worth $16,099.44. Use the function in which r is the annual interest rate, P is the principal, and A is the amount of

    asked by Anonymous on May 8, 2014
  5. Advanced math

    Eliot opens a savings account with $5,000. He deposits $50 every month into the account that compounds annually and has a 0.95% interest rate. What will his account total be in 5 years? Can someone tell me how to solve this??

    asked by |-/ on February 26, 2019
  6. math

    Riley invests $100 in the year 2000. The account is compounded annually. The account earns 3% interest for a period of 30 years. After 30 years, how much money will be in the account?

    asked by marilyn on January 25, 2017
  7. math

    how much money would have to be invested in an account at 3.98% annual interset to achieve a balance of 25,000 in 17 years if a. The account pays simple interest b. the account compound interest qrtly c. the account compounds

    asked by rick on January 1, 2011
  8. Algebra

    Need help with these 2 please-- 19. Nancy invests $100 in one account for 10 years at a 9% interest rate compounded annually, and she invests $150 in an account for 10 years at a 6% interest rate compounded semi-annually. How much

    asked by mysterychicken on June 14, 2010
  9. Algebra

    Need help with these 2 please-- 19. Nancy invests $100 in one account for 10 years at a 9% interest rate compounded annually, and she invests $150 in an account for 10 years at a 6% interest rate compounded semi-annually. How much

    asked by mysterychicken on June 14, 2010
  10. Math/Algebra

    Jeremy opened two saving accounts at the beginning of 2010, each with an initial deposit of $4,000. Account A earned simple interest, and account B earned interest that was compounded annually. By the end of 2012, which account

    asked by Tris on April 19, 2015

More Similar Questions