Question

The interest rate r required to increase your investment p to the amount a in t years is found by mc075-1.jpg. Find the interest rate r for p = 2700, a = 6400, and t = 3. Round to the nearest hundredth.

Answer 1

I hope this is the answer :)
45.67=r

Answer 2

Rate of interest = 45.68%

Explanation:

In this question, we have to calculate the rate of interest.

to calculate the interest rate we use the formula
`R=(I)/(PT)`

Here it is given, the Principal amount = 2,700

Amount after 3 years - 6,400

So the Interest = 6,400 - 2,700 = $3,700

Now we put the values in the formula :

`R=(3,700)/((2,700)(3))`

`R=(3,700)/(8,100)`

R = 0.45679

Converting in to percentage = 0.45679 × 100 = 45.679%

Rate of interest = 45.68%