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%

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