Answered: The annual rate, r, compounded…

The annual rate, r, compounded annually, it takes for 1 dollar to grow to A dollars in 2 years is given by the formula A = (1+ r)2 . Find the rate necessary for a dollar to double in 2 years.

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter6: Vector Spaces

Section6.7: Applications

Problem 13EQ

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The annual rate, r, compounded annually, it takes for 1 dollar to grow to A dollars in 2 years is given by the formula A = (1+ r)². Find the rate necessary for a dollar to double in 2 years.

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