6,204,601/9,481,714 as a percentage
2 answers:
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Answer:
3.9%
Step-by-step explanation:
The formula for compound interest to apply is;
where;
A=amount at the end
P=starting amount/principal
n=number of compounding years
t=total number of years
r=interest rate expressed as a decimal
Given
P=$4200, n=2, t=4 and A=$4900 R=?
Substitute values in equation, take r=r
Divide both sides by 4200
Introduce root 8 to the left hand side, thus eliminating the power 8 in the right hand side
r=3.9%