I deposited 800 in my account a year later i get 56dollars in my account at what rate of intrest was i paid on my savings

Question

Mathematics

Mccarthy

7 October, 22:19

I deposited 800 in my account a year later i get 56dollars in my account at what rate of intrest was i paid on my savings

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Answers (1)

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Tianna Fletcher · Answer 1

Total = Principal * (1 + rate) ^years since years = 1 then

Total = Principal * (1 + rate)

856 = 800 * (1 + rate)

856 / 800 = (1 + rate)

1.07 = (1 + rate)

rate =.07 or 7%