Question

So i need help to figure out this question: principal=7,800
period=7 years
total amount=11,349
what is the annual rate of interest?

Answer 1

Answer:

A= p( 1+RT) gives the annual rate of interest

A= 11439

11439 is eqaul to 7800( 1+ R*7)

11439/7800= ( 1+7R)

1.466= (1+7R)

0.466 = 7R

R= 0.466/7

R= 0.066!

6.6% rate of interest

I guess the method is right forgive me if it's wrong!

Answer 2

Answer:

Step-by-step explanation:

p= 7800

t=7 yrs

a=11349

∴A-p=I

⇒I=11349-7800

⇒I=3549

∴R=(3549×100)/(7800×7)=507/78%=6.5%