Mathematics, 02.04.2021 02:50, brittjay19

Guided Practice Suppose you have $500 to deposit into an account. Your goal is to have $595 in that account at the end of the second year. The formula r= $\sqrt{A/P}$ - 1 gives the interest rate r that will allow principal P to grow into amount A in two years, if the interest is compounded annually. Use the formula to find the interest rate you would need to meet your goal.

A.

19%

B.

9.1%

C.

8.4%

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Guided Practice Suppose you have $500 to deposit into an account. Your goal is to have $595 in that...