Finding the Interest Rate from a Compound Interest Loan
Finding the Interest Rate from a Compound Interest Loan
Secondary 3
A sum of \(\$25000\) was loaned from a bank that charges \(r\%\) interest per year, compounded yearly.
If after \(3\) years, an amount of \(\$28121.60\) was paid up to settle the loan, calculate \(r\).
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Answer:\(r=4\).
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