At what annual percent rate would you need to invest $12,000 and make $2,880 in interest after 8 years?

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asked Feb 4, 2023 108k views

1 Answer

Logankilpatrick · Answer 1 · 2023-02-10T11:15:23+0000

Answer:
The rate of interest is 2.72%
Explanation:
Principal = $12000
Interest = $2880
Amount = Principal + Interest
Amount = 12000+2880
Amount = 14880
Time = 8 years
Formula :
A = amount
P = Principal
r = rate
t = time
Rate of interest = 2.72%
Hence the rate of interest is 2.72%

At what annual percent rate would you need to invest $12,000 and make $2,880 in interest after 8 years?

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