Question

The simple interest on an investment of $7540 over 8 years is $1749.28.

If the annual interest rate is R, find R as a percentage to the nearest one decimal place.
Enter each line of working as an equation.

Answer 1

41.38%

Explanation:

A= P(1+in)

7540 = 1749.28 + 13994.25i

5790.72= 13994.25i

i=0.41379×100

i=41. 38%