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Use the formula A=P(1+r)" to solve the following problem.
Find the rate r at which $500,000 grows to $708,050 in 2 years.

Respuesta :

Answer:

r= 0.19

Step-by-step explanation:

A= $708,050

P=$500,000

'' = 2

$708,050= $500,000(1+r)^2

-Divide $500,000 by both sides

1.4161= (1+r)^2

-Square Root on both sides

1.19= 1+r

-Subtract 1 on both sides

r= 0.19

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