I deposited 800 in my account a year later i get 56dollars in my account at what rate of intrest was i paid on my savings

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asked Mar 12, 2018 28.8k views

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Jtlindsey · Answer 1 · 2018-03-18T03:34:01+0000

Total = Principal * (1 +rate)^years since years = 1 then
Total = Principal * (1 +rate)
856 = 800 * (1+ rate)
856 / 800 = (1+ rate)
1.07 = (1+ rate)
rate = .07 or 7%

I deposited 800 in my account a year later i get 56dollars in my account at what rate of intrest was i paid on my savings

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