what is the interest rate if a principal of $213 earns $42.60 in interest in five years?

Question

what is the interest rate if a principal of $213 earns $42.60 in interest in five years?

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Julia 1 week 2021-09-14T19:16:32+00:00 1 Answer 0 views 0

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    2021-09-14T19:18:22+00:00

    Answer:

    Interest = P*r*t/100

    \begin{gathered}42.60=\frac{213*r*5}{100}\\\\213*r*5=42.60*100\\\\213*r*5=4260\\\\r=\frac{4260}{5*213}\\\\r=4\end{gathered}

    42.60=

    100

    213∗r∗5

    213∗r∗5=42.60∗100

    213∗r∗5=4260

    r=

    5∗213

    4260

    r=4

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