2420=2000(1+r)2
Rewrite (1+r)2 as (1+r)(1+r).
2420=2000((1+r)(1+r))
Expand (1+r)(1+r) using the FOIL Method.
Apply the distributive property.
2420=2000(1(1+r)+r(1+r))
Apply the distributive property.
2420=2000(1⋅1+1r+r(1+r))
Apply the distributive property.
2420=2000(1⋅1+1r+r⋅1+r⋅r)
2420=2000(1⋅1+1r+r⋅1+r⋅r)
Simplify and combine like terms.
Simplify each term.
Multiply 1 by 1.
2420=2000(1+1r+r⋅1+r⋅r)
Multiply r by 1.
2420=2000(1+r+r⋅1+r⋅r)
Multiply r by 1.
2420=2000(1+r+r+r⋅r)
Multiply r by r.
2420=2000(1+r+r+r2)
2420=2000(1+r+r+r2)
Add r and r.
2420=2000(1+2r+r2)
2420=2000(1+2r+r2)
Apply the distributive property.
2420=2000⋅1+2000(2r)+2000r2
Simplify.
Multiply 2000 by 1.
2420=2000+2000(2r)+2000r2
Multiply 2 by 2000.
2420=2000+4000r+2000r2
2420=2000+4000r+2000r2
2420=2000+4000r+2000r2
Graph each side of the equation. The solution is the x-value of the point of intersection.
r≈-2.09‾,0.1
Solve Graphically 2420=2000(1+r)^2
