The interest rate is 3.5%.
EXPLANATION
We substitute the given values into the formula;
to obtain
We divide through by 6000 to obtain,
This implies that,
We take the square root of both sides,
This gives us,
Add -1 to both sides of the equation to obtain
Multiply through by 100 to obtain;
%
EXPLANATION
We substitute the given values into the formula;
to obtain
We divide through by 6000 to obtain,
This implies that,
We take the square root of both sides,
This gives us,
Add -1 to both sides of the equation to obtain
Multiply through by 100 to obtain;