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Popular >

What was the interest rate if your balance on an investment of 830 at the end of one year is 871.50?

Solution

What was the interest rate if your balance on an investment of 830 at the end of one year is 871.50?

Solution

Rate : 5%

Solution steps

Translate the problem into an equation:

871.5 = 830 (1 + r \cdot 1)

Solve for

r, 871.5 = 830 (1 + r \cdot 1) : r = 5%

Rate : 5%

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