Answer: 9 %
Explanation:
A loan of £8100 gains interest of £2187 in 3 years
The formula is
Where: r = (1/t)(A/P - 1)
Solving our equation:
r = (1/3)((10287/8100) - 1) = 0.09
r = 0.09
Converting r decimal to R a percentage
R = 0.09 * 100 = 9%/year
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