What is the annual interest rate if $1600 is invested for 6 years and $456 in interest is earned?
2 answers:
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Answer:
The answer is .
Step-by-step explanation:
Given:
77.5%.
Now, to write as a fraction or mixed number in simplest form.
77.5%
So, we divide by 10 by removing decimal as decimal is at tenth place.
=
So, simplifying it:
Now, we change into mixed fraction:
Therefore, the answer is .