A sum of money deposited at compound interest (compounded yearly) amounts to $6200 in 2 years and to...
A sum of money deposited at compound interest (compounded yearly) amounts to $6200 in 2 years and to $6324 in 3 years. What is the interest rate?
Answer/Solution
2%
Steps/Work
6324 - 6200 = 124
124 / 6200 = 0.02 = 2%
The answer is A.
124 / 6200 = 0.02 = 2%
The answer is A.