Question

18 YEARS AGO MIKE STARTED HIS

SAVINGS ACCOUNT WITH $4,500.00 From
THE SALE OF HIS CAR TODAY, MIKE'S
ACCOUNT HAS*23,400.00
WHAT IS THE INTEREST RATE ON THIS
ACCOUNT?

Answer 1

23.3%

Explanation:

Formula: I=PRT (Interest=Principal*Rate*Time)

I=23400-4500=18900

18900=4500*R*18

18900=81000R

R=18900/81000=0.233... Rounds to 23.3%