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OpenStudy (anonymous):
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?
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OpenStudy (anonymous):
umm...I've never done investments and financial math before, but if this is as straightforward as it seems...wouldn't you just divide 160000 by 2000000 (giving you an answer of .08), meaning that there was an 8 percent yearly interest rate?
OpenStudy (anonymous):
Yes!! Oh goodness I don't know why I didn't figure that!!
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