Daryl invested $2,200 for 3 years. He received interest of $264. What was the interest rate?
1 answer:
Answer:
4%
Step-by-step explanation:
264 interest/3 years=88 interest/year
principal x interest rate =interest/year
2200 x interest rate =88
interest rate =88/2200
interest rate =.04 or 4%
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