Penn Station is saving money to build a new loading platform. Two years ago, they set aside $24,000 for this purpose. Today, that account is worth $28,399. What rate of interest is Penn Station earning on this investment?

0,087792106 = rate

Explanation:

We need to calculate the interest of the investment

principal x (1 + rate) ^time = value

replacing with the know values

24,000 x (1+rate) ^2 = 28,399

28,399/24,000 = (1 + rate) ^2

sqrt (28,399/24,000) - 1 = rate

now we solve for the unknown value

0,087792106 = rate