Question
If someone earns $960 interest over 4 year period on a $6,000 investment, how do I solve this to find the percentage of interest per year. I know it is 4%, I just can't figure out how to show the math.
Answers
Reiny
If it is simple interest, then
R = I/(PT) = 960/((6000)(4)) = .04 = 4%
R = I/(PT) = 960/((6000)(4)) = .04 = 4%