SOLUTION: You invest $2,500 at an interest rate that is compounded annually. After 8 years, your principal has increased to $3,046.01. What percent is the interest rate?

SOLUTION: You invest $2,500 at an interest rate that is compounded annually. After 8 years, your principal has increased to $3,046.01. What percent is the interest rate?

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Question 635385: You invest $2,500 at an interest rate that is compounded annually. After 8 years, your principal has increased to $3,046.01. What percent is the interest rate?
Answer by reviewermath(1029) (Show Source): You can put this solution on YOUR website!

The interest rate is r = 2.5%
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