ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Marilyn deposited $1600 into a savings account and left it there for 6 years. She did not make any other deposits or withdrawals. She earned $384 dollars. What was the interest rate at the bank?
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3.84%
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4%
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.4%
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2.5%
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Explanation:
Detailed explanation-1: -I=10020000×2×5=Rs. 2, 000. Was this answer helpful?
Detailed explanation-2: -According to the Rule of 72, it would take about 14.4 years to double your money at 5% per year.
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