Solve the problem.If P dollars is invested in an account at an annual interest rate of r, with interest compounded annually, after 2 years the amount A in the account is given by A = P(1 + r)2. Use this formula to determine the interest rate if $3000 grows to $3245 in 2 years, with interest compounded annually.

A. 0.04%
B. 4%
C. 1.04%
D. 1.08%


Answer: B

Mathematics

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A.

B.

C.

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