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Guided Practice
Suppose you have $500 to deposit into an account. Your goal is to have $595 in that account at the end of the second year. The formula r= [tex]\sqrt{A/P}[/tex] - 1 gives the interest rate r that will allow principal P to grow into amount A in two years, if the interest is compounded annually. Use the formula to find the interest rate you would need to meet your goal.
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