Asked by joetta
if $192 increased to $363 in 2 years. what is the interest rate
Answers
Answered by
Steve
If it's simple interest, then
192(1+2r) = 363
1+2r = 1.89
2r = .89
r = 44.5%
If it's anually compound interest then
192(1+r)^2 = 363
(1+r)^2 = 1.89
1+r = 1.374
r = 37.4%
Of course, interest compounded quarterly, monthly, daily, or continuously will have successively smaller interest rates.
192(1+2r) = 363
1+2r = 1.89
2r = .89
r = 44.5%
If it's anually compound interest then
192(1+r)^2 = 363
(1+r)^2 = 1.89
1+r = 1.374
r = 37.4%
Of course, interest compounded quarterly, monthly, daily, or continuously will have successively smaller interest rates.
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