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?

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

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posted by FredR
2. Annual Interest Rate =((1600/456)/6 )* 100
= 4.75%

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