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?

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Sunflame asked Feb 25, 2023

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7 votes

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?

Mathematics
high-school

Sunflame asked Feb 25, 2023

by Sunflame

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9 votes

Answer:

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%

Tantalum answered Mar 1, 2023

by Tantalum

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