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What is the annual interest rate if $1600 is invested for 6 years and $456 in interest is earned?

What is the annual interest rate if $1600 is invested for 6 years and $456 in interest is earned?
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What is the annual interest rate if $1600 is invested for 6 years and $456 in interest is earned?

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User Moshiur Rahman
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8.3k points

1 Answer

3 votes
Interest = Investment x (interest rate)^time periods

456 = 1600(IR)⁶
IR = 0.811
answered
User Tanjin Alam
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7.5k points
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