What interest rate (in percent) is earned on a $1,300 depositwhen $1,780 is paid back...

What interest rate (in percent) is earned on a $1,300 deposit when $1,780 is paid back in one year? (Round your answer to two decimal places.)

Expert Solution

Formula:

Future value= present value(1+r)^n

r= interest rate for the period.

n = number of periods.

1780 = 1300*(1+r)^1

r = 36.92%

Answer: interest rate (in percent) earned on is 36.92%

jeff jeffy answered 2 years ago

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