If I invested $2,700 for 2 years and earned $177.66 in interest at what rate did I invest my money

Question

Simple interest on a principal amount (P) at interest rate (r) for a given time (t) in years: Formal I=Prt: If I invested $2,700 for 2 years and earned $177.66 in interest, at what rate did I invest my money

Answer 1

Use this formula to solve for r

 

I = P (1 + r/100)ⁿ

 

I = Total Investment

P = Original Principal

r = interest rate

n = time period