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What is the annual interest rate if 1600 is invested for 6 years and 456 in interest is earned?
Wiki User
∙ 14y ago
Use the formula I = P x R x T
Where I=interest
P=principal investment
R=interest rate
T=time in years
In this case, we want to know R, so re-arrange the formula to get:
R = I / (P x T)
=456/ (1600x6)
=456/9600
=0.0475
=4.75%
Wiki User
∙ 14y ago
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