3 years ago

What is the annual interest rate if $1600 is invested for 6 years and $456 in interest is earned

1 answer:

6 0

Use the formula i = p*r*t:
$456
$456 = $1600*r*6. Solving for r, r = ----------------- = 0.0475, or 4 3/4%
($1600)(6)

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