Algebra and Trigonometry 10th Edition

Published by Cengage Learning
ISBN 10: 9781337271172
ISBN 13: 978-1-33727-117-2

Chapter 1 - Review Exercises - Page 154: 117


$r\gt0.0488$ $r\gt4.88$%

Work Step by Step

$A=P(1+r)^2$ $A\gt5500$ when $P=5000$: $5000(1+r)^2\gt5500$ $(1+r)^2\gt\frac{5500}{5000}$ $(1+r)^2\gt1.1$ $1+r\gt\sqrt {1.1}$ $r\gt\sqrt {1.1}-1$ $r\gt0.0488$ $r\gt4.88$%
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