The amount of money a in a acount in which p dollars is invested for 2 years is given by the formula a=p(1+r)^2, where r is the interest rate compounded annually. if an investment of $800 in the account grows to $882 in two years, at what interest rate was it invested

The interest rate is 5 %.

Given the formula;

A=P(1+r)^t

Where;

A = amount

P = principal

r = rate

t = time

Now we have the following;

P = $800

r = ?

A = $882

t = 2 years

Substituting values;

882 = 800(1 + r/100)^2

882/800 = (1 + r/100)^2

1.1 = (1 + r/100)^2

1 + r/100 = √1.1

1 + r/100 = 1.05

r/100 = 1.05 - 1

r/100 = 0.05

r = 0.05 × 100

r = 5 %

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5%

Step-by-step explanation:

A = P (1 + r)²

882 = 800 (1 + r)²

882 / 800 = (1 + r)²

√(882 / 800) = 1 + r

r = √(882 / 800) − 1

r = 0.05

The rate is 5%.

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