Question

Find the rate if I = $2,484, P = $4.600, and T = 3 years.

Answer 1

Given;

I = $2,484, P = $4.600, and T = 3 years.

Where the rate r, is;

`r=(100I)/(PT)`

Thus;

`\begin{gathered} r=(100*2484)/(4600*3) \\ \\ r=18 \end{gathered}`

Thus, the rate is 18%