In the first year of a 10,000 investment the interest rate was 6%. All earned interest remained invested for the second year, an
d the interest rate increased to 7%. What was the percent increase of the entire investment after two years?
1 answer:
Answer:
13.4%
Step-by-step explanation:
First year:
$10,000*6% = $600
New balance = $10,600
Second Year:
$10,600*7% = $742
$10,600+ $742 = $11,342
Total Return:
Final Balance - Initial balance
$11,342 - $10,000 = $1,342
$10,000*x ÷ $1,342
x = $1,342/$10,000
x = 0.1342
0.134 = 13.4%
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