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A sum of money invested at compound interest grows to $1500 in 2 years and to $1800 in 3 years. What is the rate of interest?

Practice Questions

1 question
Q1
A sum of money invested at compound interest grows to $1500 in 2 years and to $1800 in 3 years. What is the rate of interest?
  1. 10%
  2. 15%
  3. 20%
  4. 25%

Questions & Step-by-step Solutions

1 item
Q
Q: A sum of money invested at compound interest grows to $1500 in 2 years and to $1800 in 3 years. What is the rate of interest?
Solution: Using the formula for compound interest, we find the growth factor from $1500 to $1800 over 1 year, which gives a rate of approximately 15%.
Steps: 0

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