Question

mr smith invested $2,000,000 in AAA bonds. If a year from now he gets back his $2,000,000 plus $160,000 in interest payments, what was the yearly interest rate on the bonds? be sure to write the answer in percent form.

Answer 1

He invested 2,000,000
And got back 2,160,000
2,160,000 / 2,000,000 = 1.08
Do you know how to convert that to percent form?

Answer 2

thank you! I do

Answer 3

Good, well done!