Answer:
24,27% interest rate.
Step-by-step explanation:
The compound-interest equation is as follows:
Fv=Pv(1+i/n)^(an)
Fv is future value
Pv is present value
i is interest in decimals
n is compount frequency per year
a is lenght of time in years
To easily find the interest rate manipulate the formula to look like this (see pic). Note interest is in decimals and will have to be multiplied by 100 to get %.
