What annual rate of interest would you have to earn on an investment of $3500 to ensure receiving $273.00 interest after 1 year?
1 answer:
To find the answer, we will have to find the percentage of $273 to $ 3500, and we can use the formula:
In this case:
273/3500 x 100%
=39/500 x 100%
=7.8%
Therefore the annual interest rate would be 7.8%.
Hope it helps!
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