Mr. Johnson I can so 8 miles in five hours assuming he can keep the same see how far can Mr. Johnson swim 11 hours
1 answer:
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Answer:
The rate of return is 8%.
Step-by-step explanation:
The time span from 1794 to 2018 is (2018 - 1794) = 224 years.
Now, a penny i.e. 0.01 pounds of money as a principal gets the final sum of 345000 pounds after 224 years.
Here we have to calculate the rate of return if the interest is compounded yearly.
Using the formula of compound interest of r% APR, we get
⇒ 1 + 0.01r = 1.08
⇒ 0.01r = 0.08
⇒ r = 8% (Answer)