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What is the annual interest rate if $1600 is invested for 6 years and $456 in interest is earned?

What is the annual interest rate if $1600 is invested for 6 years and $456 in interest is earned?
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What is the annual interest rate if $1600 is invested for 6 years and $456 in interest is earned?

User Moshiur Rahman
by
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1 Answer

3 votes
Interest = Investment x (interest rate)^time periods

456 = 1600(IR)⁶
IR = 0.811
User Tanjin Alam
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