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28 November, 07:58

You invest $2000 at an interest rate that is compound annually after 5 years, your principal has increased to $2262.82 what is the interest rate? Round to one decimal place.

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  1. 28 November, 11:20
    0
    2.5%

    Step-by-step explanation:

    2262.82 = 2000 (1 + r) ^5

    (1+r) ^5 = 1.13141

    1+r = 1.025

    r =.025

    r = 2.5%
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