So if 2142.45 divided by 2000 which equals to 1.071225 and I am try to find the rate from that it would be 1.03 which should be 3% or 3.3%?

Question

So if 2142.45 divided by 2000 which equals to 1.071225 and I am try to find the rate from that it would be 1.03 which should be 3% or 3.3%?

Answer 1

To find the rate from the quotient of 1.071225, you can use the following steps:

1. Subtract 1 from the quotient: 1.071225 - 1 = 0.071225
(Note: This step converts the quotient to the fractional form of the rate.)

2. Multiply the result by 100 to express it as a percentage: 0.071225 x 100 = 7.1225

Therefore, the rate is 7.1225%.

In your question, you mentioned that you were trying to find the rate as 1.03, which would be 3% or 3.3%. However, since the actual rate is calculated as 7.1225%, it does not match 1.03.