One year ago, you invested $2,850. Today, it is worth $3,650. What rate of interest did you earn?
A. 3.56%
B. 14.04%
C. 4.56%
D. 2.34%
E. 28.07%
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
3650=2850*(1+r/100)^1
(3650/2850)=(1+r/100)
(1+r/100)=1.2807
r=1.2807-1
=28.07%(Approx).
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