Answer:
Rate of interest = 45.68%
Step-by-step explanation:
In this question, we have to calculate the rate of interest.
to calculate the interest rate we use the formula
Here it is given, the Principal amount = 2,700
Amount after 3 years - 6,400
So the Interest = 6,400 - 2,700 = $3,700
Now we put the values in the formula :
R = 0.45679
Converting in to percentage = 0.45679 × 100 = 45.679%
Rate of interest = 45.68%