1095=1000(1+r/2)^2

Question

This is an interest problem I need to solve. It is asking me to solve for r

 

Answer 1

1095 = 1000(1 + r/2)²

 

Divide both sides by 1000:

 

1095/1000 = (1 + r/2)²

 

1.095 = (1 + r/2)²

 

Take square root of both sides:

 

√1.095 = 1 + r/2

 

Solve for r:

 

r = 2(√1.095 - 1)

 

You can finish from here.