I can't figure this out, please help...

Question

A company invests $15,000.00 in an account that compounds interest annually. After two years, the account is worth $16,099.44. Use the function in which r is the annual interest rate, P is the principal, and A is the amount of money after t years. What is the interest rate of the account? A = P(1 + r)t
• 1.04%
• 3.6%
• 5.4%
• 7.3%

Answer 1

15000(1+r)^2 = 16099.44
r = 0.36

Answer 2

Isn't that 0.036 or 3.6%

Answer 3

Dr Bob, you are correct. I solved it correctly earlier, and got impatient when it popped up again.

My bad.

Answer 4

Thanks so very much