Answer:
So interest rate is 8% per annum
Step-by-step explanation:
Principal amount = $3,006
Amount at end = $3,967.92
Time = 4yrs
interest money = ($3967.92 - $3006)
also equal to = 4 * (x/100) * $3,006
Where x is the interest rate per annum
So, 4 * (x/100) * $3,006 = ($3967.92 - $3006)
x = 8%
So interest rate is 8% per annum
