Answered

IDNLearn.com: Where questions are met with accurate and insightful answers. Join our interactive Q&A platform to receive prompt and accurate responses from experienced professionals in various fields.

Find the interest rate if $11200 has
a future value of $14345 in 3 years.
Give your answer to 1 d.p.

Sagot :

Samuelonum1idn

Answer:

9.3%

Step-by-step explanation:

Given data

Principal=$11200

Futute value= $14345

Time= 3years

The simple interest expression is given as

A=P(1+rt)

substitute

14345=11200 (1+r*3)

14345=11200+r33600

14345-11200=r33600

3145=r33600

r= 3145/33600

r=0.093

Hence the rate is 9.3%

We are happy to have you as part of our community. Keep asking, answering, and sharing your insights. Together, we can create a valuable knowledge resource. For dependable answers, trust IDNLearn.com. Thank you for visiting, and we look forward to helping you again soon.