Did I solve this compound formula correctly?
Here is the question.
“Use the formula A=P(1+r)^2 to find the rate R at which $1500.00 increases to $1749.60 in 2 years. (This formula is a compound interest formula for determining A the compound amount or future value of money based on the P the principle or present value, rate the annual rate of interest, and t time in years).
This is how I set it up
Square root both sides
Rate is about 15.79%
Am I correct?
This question is in the General Section. Responses must be helpful and on-topic.