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caco4rnikaBSa1ybeeb caco4rnikaBSa1ybeeb
  • 08-01-2017
  • Mathematics
Answered

What annual interest rate would cause $100 to grow to $125.97 in 3 years?

Verified Answer :

olemakpadu
olemakpadu olemakpadu
  • 08-01-2017

Would assume Simple Interest.

I = PRT

R = I/PT                Where R = Rate, I = Interest, P = Principal, T = Time

P = $100, T = 3 years, Interest, I = Amount - Principal = $125.97 - $100 = $25.97

R = I/PT

R = 25.97/(1003)

R ≈ 0.0866 

To percentage  ≈ 0.0866  100% ≈ 8.66%

Rate ≈ 8.66%

Hope this helps.

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