Evan is trying to save $60 to buy new parts for his bike. He has saved 45% of what he needs so far.
1 answer:
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Answer:
The rate of interest for compounded annually is 6.96 % .
Step-by-step explanation:
Given as :
The principal amount = Rs 4600
The time period = 5 years
The amount after 5 years = Rs 6440
Let The rate of interest = R %
<u>From compounded method</u>
Amount = Principal ×
or, Rs 6440 = Rs 4600 ×
Or, =
or, 1.4 =
Or, = 1 +
or, 1.0696 = 1 +
or, = 1.0696 - 1
Or, = 0.0696
∴ R = 0.0696 × 100
I.e R = 6.96
Hence The rate of interest for compounded annually is 6.96 % . Answer