cherryelle cherryelle

07-05-2021
Mathematics

contestada

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

Respuesta :

samuelonum1 samuelonum1

12-05-2021

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%

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