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Take a Test-tlhama Osman-Google Chome Secure l https://www mathid.cen/Student/PlayeT estasphestid 164931472 Math 1113-PreCalculus-(Newcomb CRN 20356) Quiz: Unit 1 Post-Quiz This Question: 1 pt 130128 (12 complete) This Quiz: 28 pts possible When P dollars is Invested at grows to $3,620 in 2 years. Round your answer to the nearest hundredth of a percent intorest rate i, compounded annually, for t years, the investment grows to A dollars , where A-P( Fiedthe i terest rate iif$2.470 A. 2328% 10 53 % oc. 21 06 % OD. 4656% Click to select your answer can be taken 8 5

Explanation / Answer

from above given formula:

3620 =2470(1+r)2

(1+r) =(3620/2470)1/2 =1.2106

r=0.2106 ~21.06%

therefore option C is correct

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