Answer
.03 (3 percent)
Work Step by Step
We plug in the given values and then solve for $r$ to find:
$$ 1000\left(1+r\right)^2=1060.9\\ \left(1+r\right)^2=1.0609\\ r=\sqrt{1.0609}-1\\ r=.03$$
Elementary and Intermediate Algebra: Concepts & Applications (6th Edition)
by Bittinger, Marvin L.; Ellenbogen, David J.; Johnson, Barbara L.
Published by
Pearson
ISBN 10:
0-32184-874-8
ISBN 13:
978-0-32184-874-1
Chapter 11 - Quadratic Functions and Equations - 11.1 Quadratic Equations - 11.1 Exercise Set - Page 707: 76
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