Question 880245: for $6000 to raise to $7000 over 7 years what would be the interest rate?
Answer by prabhjeet(2)   (Show Source):
You can put this solution on YOUR website! ---Solution;
given;
Principal(P)=$6000
Final Amount(A)=$7000
Time(T)=7 years
then,interest rate(R)=?
We know that; I=P*T*R/100
or, 1000=(6000*7*R) / 100 {because I=A-P}
or, 1000=(42000*R ) / 100
or, 100000=42000*R
or, 100000/42000=R
or, R=2.38
So,$6000 will raise to $7000 over 7 years at the interest rate of 2.38% p.a. #
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