Three years ago, you invested $3

Finance Nov 13, 2020

Three years ago, you invested $3.200.00. Today, it is worth $3.950.00 What rate of interest did you earn? 0.61 percent 427 percent 3,64 percent 5.27 percent 7.27 percent Check my work os EDHE211 hop

Expert Solution

The correct answer is 7.27 Pc ie.e

The formula for the same is,

3950= 3200( 1+x)^3

since x= rate of interest, 3 is the t here.

By solving this equation, we get x= 7.27%

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