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Popular Word Problems >

What was the interest rate if your balance on an investment of 830 at the end of one year is 871.50?

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 830 a t t h e e n d o f o n e ye a r i s 871.50 ?

Solution

Rate : 5%

Solution steps

Translate the problem into an equation:

871.5 = 830 (1 + r \cdot 1)

Solve for

r, 871.5 = 830 (1 + r \cdot 1) : r = 5%

Rate : 5%

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