At what interest rate must $112,000 be invested so that it will be worth $392,000 in 14 years?

asked Jul 15, 2023 219k views

8 votes

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11 votes

Answer:

25%

Explanation:

Simple interest= PRT/100

392,000=112,000*R*14/100

392,000=1120*14*R

392,000=15,680R

R= 392,000/15,680

R= 25%

Godwin answered Jul 22, 2023

5.7k points

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