SOLUTION: At what rate can money be invested if $2,320 is equivalent to $2,511.46 paid 186 days later?

SOLUTION: At what rate can money be invested if $2,320 is equivalent to $2,511.46 paid 186 days later?

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Question 1015757: At what rate can money be invested if $2,320 is equivalent to $2,511.46 paid 186 days later?
Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
Well if we assume simple interest, then we can use
I = prt
The interest gained was 2511.46 - 2320 = $191.46.
We are looking for r...t = 186/365 years...thus
r = I / pt = (191.46) / (2320)(186/365) = 16.2%
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