Gavin owes the bank $63,000. After 10 years, Gavin owes $93,255. Gavin knows the debt grows with an interest rate that compounds once every year. What is the rate of interest (as a percentage)?

Respuesta :

Answer:

 1,616.60

we know that    

The compound interest formula is equal to  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

substitute in the formula above  

Step-by-step explanation:

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