What is the growth rate, in percentage, of the amount of money in account B from year 1 to year 2? Justify your answer and show your work.
To determine the growth rate of the amount of money in account B from year 1 to year 2, we need the initial amount and the final amount.
Let's say the initial amount in account B in year 1 is X dollars, and in year 2 it is Y dollars.
The growth rate can be calculated using the formula:
Growth Rate = ((Final Amount - Initial Amount) / Initial Amount) * 100
In this case, the initial amount is X dollars, and the final amount is Y dollars.
So, the growth rate from year 1 to year 2 is:
Growth Rate = ((Y - X) / X) * 100
To compute the actual growth rate, we require the specific values of X and Y.
To calculate the growth rate, we need to compare the change in the amount of money in account B between year 1 and year 2, and express it as a percentage of the starting amount in year 1.
Let's assume the amount of money in account B in year 1 is represented by A1 and in year 2 by A2.
To find the growth rate, we can use the following formula:
Growth rate = ((A2 - A1) / A1) * 100
So, the growth rate as a percentage is the difference between the amount in year 2 (A2) and the amount in year 1 (A1), divided by the amount in year 1 (A1), multiplied by 100.
To complete this calculation, you will need the specific values of the amounts of money in account B in year 1 and year 2.