Use the compound interest formula a =p(1 + r) t and the given information to solve for r.
a =$2300, p =$1600, t =6 r =?

Rounding to nearest hundredths gives us r=0.06.

So r is about 6%.

Step-by-step explanation:

So we are given:

where

.

Divide both sides by 1600:

Simplify:

Take the 6th root of both sides:

Subtract 1 on both sides:

So the exact solution is

Most likely we are asked to round to a certain place value.

I'm going to put my value for r into my calculator.

r=0.062350864

Rounding to nearest hundredths gives us r=0.06.

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