3 years ago

Find the interest rate if $11200 has

Mathematics

1 answer:

Dima020 [189]3 years ago

3 0

Answer:

9.3%

Step-by-step explanation:

Given data

Principal=$11200

Futute value= $14345

Time= 3years

The simple interest expression is given as

A=P(1+rt)

substitute

14345=11200 (1+r*3)

14345=11200+r33600

14345-11200=r33600

3145=r33600

r= 3145/33600

r=0.093

Hence the rate is 9.3%

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