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

User Jimadine
by
3.2k points

1 Answer

23 votes
23 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%
User Neuo
by
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