The formula for compounding interest semiannually is $\displaystyle{A}={P}{{\left({1}+\frac{{r}}{{2}}\right)}}^{{{2}{t}}}\usepackage{cmbright}\Huge\$ , where A is the balance after t years, P is the original amount invested, and r is the interest rate in decimal form. Find r if $2,000 is invested and grows to $2,080.80 after one year.