Answer:
The money was invested at an interest of 14.28% per year.
Explanation:
To determine at what percent rate of compound interest per year will the compound interest on $ 343000 be $ 169000 in 3 years, the following calculation must be performed:
343,000 x (1 + X / 1) ^ 3x1 = 343000 + 169000
343,000 x 1 + X ^ 3 = 512,000
1 + X ^ 3 = 512,000 / 343,000
1 + X ^ 3 = 1.4927
1 + 0.14286 ^ 3 = 1.4927
1.4927 = 1.4927
X = 0.14286 x 100 = 14.28%
Therefore, the money was invested at an interest of 14.28% per year.