Math

Suppose a deposit of $3,500 in a savings account that paid an annual interest rate r (compounded yearly) is worth $3,910 after 2 years.
Using the formula A=P(1+r)^t, we have 3,910=3,500(1+r) ^2Solve for r to find the annual interest rate (to the nearest tenth).
The annual interest rate, r is _____________%

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  1. so far, so good. Now you have
    (1+r)^2 = 3910/3500 = 1.11714
    Now just take the √ and subtract 1.
    Then make that into a % rate.

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