18 YEARS AGO MIKE STARTED HIS SAVINGS ACCOUNT WITH $4,500.00 From THE SALE OF HIS CAR TODAY, MIKE'S ACCOUNT HAS*23,400.00 WHAT IS THE INTEREST RATE ON THIS ACCOUNT?

Question

asked Jun 13, 2023 106k views

1 Answer

Elzo Valugi · Answer 1 · 2023-06-18T20:32:58+0000

Answer:

23.3%

Explanation:

Formula: I=PRT (Interest=Principal*Rate*Time)

I=23400-4500=18900

18900=4500*R*18

18900=81000R

R=18900/81000=0.233... Rounds to 23.3%