Question

You opened a savings account with $74,520. You made no deposits or withdraws for 4 years and earned $9,687.60 in interest. What was the annual interest rate?

Answer 1

2,421.9 is your answer. Just divide 9,687.60 by four

Answer 2

You have 3.25% interest based on the original amount. 9687.6/4 and that number divided by your original amount * 100 gives you 3.25