The formula A=P left parenthesis 1 plus r right parenthesis squared (1+r)2 gives the amount A in dollars that P dollars will grow to in 2 years at interest rate r left parenthesis where (where r is given as a decimal right parenthesis comma decimal), using compound interest. What interest rate will cause $1000 to grow to $1113.03 in 2 years?

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Use the formula A = P(1 + r) 2 , plug in the... View the full answer