Find the interest rate?

12. Find the interest rate on an account that was worth $250 in 1982 and $298.77 in 1991.

???

I’ve been on this problem for hours…..

Top 1 Answers

A few days ago

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I=Interest P=Prinicipal R=Rate T=Time

I=(Px R x T)/100 i.e. R=(I x 100) / (P x T)

P=250

T= 1991-1982= ? yrs

I=298.77-250

Plug in the answers to P,T and I and solve for rate(in %)

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