Question

P = 521
A= 1008
T= 15 year find rate of interest

Answer 1

Answer:

4.5 %

Step-by-step explanation:

Compound interest formula

A = P ( 1 + r/n)^ nt -- A- Amount, P - Principle, r - rate of interest, n - interest compounded per year, t- time period(yrs)

Let us assume n = 1

P - 521

A - 1008

t - 15

1008 = 521 ( 1 + r)^15

Solving we get r = 0.045 = 4.5 %