Question

At what interest rate must $112,000 be invested so that it will be worth $392,000 in 14 years?

Answer 1

25%

Explanation:

Simple interest= PRT/100

392,000=112,000*R*14/100

392,000=1120*14*R

392,000=15,680R

R= 392,000/15,680

R= 25%