What is the interest rate if $7200 is invested for 2 years and earns $855?

Question

asked Jul 22, 2023 143k views

1 Answer

Martin Peck · Answer 1 · 2023-07-28T22:57:46+0000

Answer:

5.94%

Explanation:
Interest earned=amount invested ×time×interest rate

855=7200×2×interest rate
Interest rate=855/(7200×2)
Interest rate= 0.0594×100=5.94%

What is the interest rate if $7200 is invested for 2 years and earns $855?

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