Ok my last question for this Interest stuff Woo! Ok this is the question:
What is the annual interest rate if $1600 is invested for 6 years and $456 in interest is earned?
2 answers
Assuming compound interest with a period of 1 year, the annual rate would be 4.3%
Annual Interest Rate =((1600/456)/6 )* 100
= 4.75%
= 4.75%
2 answers