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Solve the Problem A=P(1+r)2A=P(1+r)^{2} To Find What the Rate of Interest Is If a the Rate

Question 217

Multiple Choice

Solve the problem.
-Use the formula A=P(1+r) 2A=P(1+r) ^{2} to find what the rate of interest is if a principal amount of $5500\$ 5500 grows to $6415.20\$ 6415.20 in 2 years, if interest is compounded annually.


A) 8%8 \%
B) 10%10 \%
C) 6%6 \%
D) 9%9 \%

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