Question

Final Amount 15,400

Investment 12,000
Interest Rate ?
Years 3

whats interest rate

Answer 1

How do I calculate interest rate on investment?

Calculate Total Amount Accrued (Principal + Interest), solve for A. A = P(1 + rt)

Calculate Principal Amount, solve for P. P = A / (1 + rt)

Calculate rate of interest in decimal, solve for r. r = (1/t)(A/P - 1)

Calculate rate of interest in percent. ...

Calculate time, solve for t.

Explanation:

Hope this helps.