SOLUTION: If you invested $4,795, and you receive $195 in interest, what annual interest rate did you receive on your investment?

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Question 469638: If you invested $4,795, and you receive $195 in interest, what annual interest rate did you receive on your investment?
Answer by ccs2011(207) About Me  (Show Source):
You can put this solution on YOUR website!
Interest earned = Principal * interest rate
195+=+4795%2Ar
Divide by 4795 on both sides
0.0407+=+r
As percentage, multiply r by 100
R = 4.07%