Adv. Math

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Ok my last question for this Interest stuff Woo! Ok this is the question:

What is the annual interest rate if $1600 is invested for 6 years and $456 in interest is earned?

  • Adv. Math -

    Assuming compound interest with a period of 1 year, the annual rate would be 4.3%

  • Adv. Math -

    Annual Interest Rate =((1600/456)/6 )* 100
    = 4.75%

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