Answer:
1.2%
Step-by-step explanation:
Solving our equation
r = 10.2 / ( 425 × 2 ) = 0.012
r = 0.012
converting r decimal to a percentage
R = 0.012 * 100 = 1.2%/year
The interest rate required to
accumulate simple interest of $ 10.20
from a principal of $ 425.00
over 2 years is 1.2% per year.
b
done it
720,682.92
8.5% = 0.085
P(t) = Initial Population * (1 + rate)t
P(t) = 230,000(1 + 0.085)t
P(t) = 230,000(1.085)t
P(14) = 230,000(1.085)14
P(14) = 720,682.82
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