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3 years ago

Find the annual interest rate I=$16 P=$200 T=2 years

1 answer:

8 0

<span>0.0392 or 3.92%</span>
The exponential growth formula can find the interest rate.
$y=a(1+r)^{x}$
y - tolat value (P +I) (216)
a - principal (200)
r- rate (unkown)
x - time in years (2 yrs)
Substitute known values
$216=200(1+r)^{2}$
divide both sides by 200
$1.08=(1+r)^{2}$
take the square root of both sides
$1.0392=1+r$
subtract 1 on both sides
r = 0.0392 or 3.92%

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