In: Finance
One year ago, you invested $1,800. Today it is worth $1,924.62. What rate of interest did you earn? |
Multiple Choice
6.59 percent |
6.67 percent |
6.88 percent |
6.92 percent |
7.01 percent |
Option 4
Rate of interest to be earned=amount worth today/amount invested -1 =1924.62/1800-1 =0.069233=6.9233%=6.92%(approximately)