Answer:
48%
Step-by-step explanation:
957 x 48% = 459.36
957 + 459.36 = 1416.36
(not sure how the 8 years comes into play :/ )
Answer:
The interest rate is 6 %
Step-by-step explanation:
if You invested $957 and received $1,416.36 after eight years. What was the interest rate?
To find the interest rate, all we need to do is to use the Simple interest formula
S.I = P×R×T / 100
where P= principal
R=rate
T=time (given in years)
S.I = Simple interest
From the above question,
principal(p) =$957
Simple Interest(S.I) = $1416.36-$957= $459.36
Time = 8
R = ?
We can now proceed to insert our values into the formula;
S.I = P×R×T / 100
$459.36 = $957×R×8 / 100
Multiply 100 to both-side of the equation.
$459.36 × 100 = $957×R×8/ 100 × 100
(The 100 at the right-hand side of the equation will cancel-out)
$45936 = $957 ×R×8
We can rearrange the equation
$45936 = $957 ×8×R
$45936 = $7656 R
Divide both-side of the equation by $7656
$45936/ $7656 = $7656 R/ $7656
R=6
The interest rate is 6%
