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Jake earned $430 in interest on a $2500 investment after 18 months. What was the annual interest rate? (round to the nearest whole percent)
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Jake earned $430 in interest on a $2500 investment after 18 months. What was the annual interest rate? (round to the nearest whole percent)

User Hillary Sanders
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2 Answers

4 votes
17% interest rate will give you 425 dollars

User Nicoara Talpes
by
8.5k points
3 votes
I=PRT
I=interest
P=principal=investment
R=rate in decimal
T=time in years
remember 12 months per year

given
I=430
P=2500
R=?
T=18/12 years=1.5years

430=2500 times r times 1.5
430=3750r
divide both sides by 430
0.1146666=r
11.4666%
11%
User Mason Freed
by
8.3k points
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