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