If You invested $957 and received $1,416.36 after eight years. What was the interest rate?

The interest rate is 6 %

Step-by-step explanation:

if You invested $957 and received $1,416.36 after eight years. What was the interest rate?

To find the interest rate, all we need to do is to use the Simple interest formula

S. I = P*R*T / 100

where P = principal

R=rate

T=time (given in years)

S. I = Simple interest

From the above question,

principal (p) = $957

Simple Interest (S. I) = $1416.36-$957 = $459.36

Time = 8

R = ?

We can now proceed to insert our values into the formula;

S. I = P*R*T / 100

$459.36 = $957*R*8 / 100

Multiply 100 to both-side of the equation.

$459.36 * 100 = $957*R*8 / 100 * 100

(The 100 at the right-hand side of the equation will cancel-out)

$45936 = $957 * R*8

We can rearrange the equation

$45936 = $957 * 8*R

$45936 = $7656 R

Divide both-side of the equation by $7656

$45936 / $7656 = $7656 R / $7656

R=6

The interest rate is 6%

48%

Step-by-step explanation:

957 x 48% = 459.36

957 + 459.36 = 1416.36

(not sure how the 8 years comes into play : /)