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Find the interest rate if $13400 has a final value of $17829 in 4 years give your answer to 1dp

User Ppichier
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1 Answer

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Answer: It is $4429 (interest combined) or $1107.25 (interest annually)

Explanation:

1. Subtract 13400 from 17829:
17829 - 13400 = 4429

2. Now, we know that 4429 is the accumulated interest in 4 years, now divide 4429 by 4:
4429/4 = 1107.25

3. Now we know that 1107.25 is the interest accumulated every year.

User Vincent Moulene
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