Help with math please

Question

The formula A = P(1+r) represents the amount of money A in an account after 1 year, where P is the amount initially deposited and r is the intrest rate. Note that the interest rate is written as a decimal.

 

Denys deposits $2150 into a savings account. After 1 year, he has $2182.25 in his account. Solve the equation for r, and determine the intrest rate.

Answer 1

A = P(1 + r) ⇒

 

r = A/P - 1 = 2182.25/2150 - 1 = 0.015

 

Multiply by 100 to convert to a percent.

 

100(0.015) = 1.5%