If the invested price is $ 148,000 for 12 years with a return of $210,160. Then the rate of interest will be 11.83%.
Simple interest is the concept that is used in many companies such as banking, finance, automobile, and so on.
Julie invested $148,000 in a simple interest account.
After 12 years and no additional deposits or withdrawals, the account balance was $210,160.
Then the interest rate will be
[tex]\rm A = \dfrac{PRT}{100}\\[/tex]
We have
A = $ 210,160
P = $148,000
T = 12 years
Then the interest rate will be
[tex]\begin{aligned} 210,160 &= \dfrac{148000 \times R \times 12}{100}\\\\R &= 11.83 \% \end{aligned}[/tex]
More about the simple interest link is given below.
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