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Popular Word Problems >

What was the interest rate if your balance on an investment of 251 at the end of six years is356.42?

Solution

Wha t w a s t h e in t eres t r a t e i f yo u r ba l an ce o n an in v es t m e n t o f 251 a t t h e e n d o f s i x ye a rs i s 356.42 ?

Solution

Rate : 7%

Solution steps

Translate the problem into an equation:

356.42 = 251 (1 + r \cdot 6)

Solve for

r, 356.42 = 251 (1 + r \cdot 6) : r = 7%

Rate : 7%

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