An investment of $2000 is deposited at a certain annual interest rate. One year later, $3000 is
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An investment of $2000 is deposited at a certain annual interest rate. One year later, $3000 is deposited in another account at the same rate. At the end of the second year, the accounts have a total value of $5105.45. The interest rate r can be found by solving 2000(1 + r)2 + 3000(1 + r) = $5105.45. What is the interest rate?
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Related Book For
Basic Technical Mathematics
ISBN: 9780137529896
12th Edition
Authors: Allyn J. Washington, Richard Evans
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