if the national economy shrank an annual rate of 10% per year for four consecutive years in the economy shrank by 40% over the f
1 answer:
You might be interested in
Answer: 13%
Step-by-step explanation:
The formula to find the simple interest is given by :-
, where P is the principal amount, r is rate of interest () in decimal and t is the time ( in years).
Given : P = $19,100 , I=$9932.00 and t= 4 years
Substitute all the above values in the formula , we get
In percent ,
Hence, the rate of interest = 13%