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After an initial investment of $20,000, Joseph's bank account has earned $16,000 in interest over the last 10 years. At what rate is he earning interest
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After an initial investment of $20,000, Joseph's bank account has earned $16,000 in interest over the last 10 years. At what rate is he earning interest

User Sxalexander
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1 Answer

4 votes

Answer:

what rate is he earning interest

Interest rate is 8%

Step-by-step explanation:

I = C·i·t,

C Initial Investement

i Anul interest rate

t time

16000=20000*i*10

16000=200000*I

I=16000/200000

I=0,08

I=8%

User Wbamberg
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