Question

Need the answer to the question : What annual rate of interest would you have to earn on an investment of $4500 to ensure receiving $333.00 interest after 1 year ?

Answer 1

To find the annual rate of interest, here's what we need to do:

$\frac{amount of investment}{interest recieved} \times 100$

In this case:

333/4500 x 100%

=37/500 x 100%

=7.4%

Therefore the answer is 7.4%.

Hope it helps!