Two years ago, you invested $2,650. Today, it is worth $3,450. What rate of interest did you earn?
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
$ 3,450 = $ 2,650 * ( 1+r/100) ^ 2
$ [(3,450 / $ 2,650 ) ^ ( 1/2) -1 ]*100 = r
or r = 14.10%
Hence the correct answer is 14.10%
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