Assignment:
The formula A=P(1+r)2 gives the amount A in dollars that P dollars will grow to in 2 years at interest rate r (where r is given as a decimal), using compound interest. What interest rate will cause $2000 to grow to $2247.20 in 2 years?
The interest rate is _____%
(Type an integer or a decimal. Round to the nearest tenth of a percent if needed)
A=P(1+r)2
2247.20=2000(1+r/100)2.
Provide complete and step by step solution for the question and show calculations and use formulas.