Question

Find the annual interest rate I=$16 P=$200 T=2 years

Answer 1

The person who answer this is completely wrong your answer is 4%

Explanation:

Hope this helps you :))

Answer 2

0.0392 or 3.92%
The exponential growth formula can find the interest rate.

`y=a(1+r)^(x)`
y - tolat value (P +I) (216)
a - principal (200)
r- rate (unkown)
x - time in years (2 yrs)
Substitute known values

`216=200(1+r)^(2)`
divide both sides by 200

`1.08=(1+r)^(2)`
take the square root of both sides

`1.0392=1+r`
subtract 1 on both sides
r = 0.0392 or 3.92%