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

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asked Jul 22, 2023 143k views

6 votes

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

Mathematics
high-school

Albano asked

by Albano

3.8k points

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1 Answer

8 votes

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%

Martin Peck answered Jul 29, 2023

by Martin Peck

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