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d1i1m1o1n [39]
3 years ago
13

If a $1,200 investment earns $210 over 5 years, what is the annual interest rate?

Mathematics
1 answer:
PilotLPTM [1.2K]3 years ago
7 0

Answer:

The annual interest rate is 41.7%.

Step-by-step explanation:

Given : If a $1,200 investment earns $210 over 5 years.

To find : What is the annual interest rate?

Solution :

Using compound interest formula,

A=P(1+r)^t

Where, A=$1200 is the amount

P=$210 is the principal

t=5 years is the time

r is the interest rate.

Substitute the value,

1200=210(1+r)^5

\frac{1200}{210}=(1+r)^5

5.714=(1+r)^5

Taking 5th root both side,

\sqrt[5]{5.714}=(1+r)

1.417=(1+r)

r=1.417-1

r=0.417

Interest rate in percentage, r=0.417\times 100=41.7\%

The annual interest rate is 41.7%.

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