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2 years ago

One year ago, you invested $3,250.00. Today, it is worth $4,000.00. What rate of interest did you earn

Business

1 answer:

mojhsa [17]2 years ago

8 0

Answer:

23.08%

Explanation:

Future value =Present value*(1+r)^n

$4,000 = $3,250*(1+R)^1

$4,000 = $3,250*(1+R)

1+R = $4,000/$3,250

1+R = 1.230769

R = 1.230769 - 1

R = 0.230769

R = 23.08%

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